IDBI AGM among 10 awarded rigorous imprisonment in Andhra bank fraud | Visakhapatnam News

VISAKHAPATNAM: The special judge of the CBI cases in Andhra Pradesh’s Visakhapatnam sentenced two officials of the Industrial Development Bank of India (IDBI), including an assistant general manager (AGM)-rank officer, to two years’ rigorous imprisonment and imposed Rs 30,000 fine in a bank fraud case.
The judge also convicted eight private persons to one-year rigorous imprisonment along with a fine of different amounts.
The court on Monday convicted the then AGM-cum-center head of IDBI Vizag Retail Asset Center at Siripuram Junction Surendranath Datti and the then assistant manager of the center Dwibhashyam Kartik who in connivance with the borrowers direct sales associates, panel valuers, and engineers sanctioned the loan and also disbursed, causing a total loss to the tune of Rs 2.01 crore to the bank.
According to CBI, the officials of IDBI bank were allegedly involved in a loan sanction and disbursement to ineligible borrowers by accepting fake income tax returns and ignoring adverse Cibil reports.
They have also allegedly violated the procedures and norms of the bank, besides failing to ensure property security.
After the investigation, charge sheets were filed against the accused.
The trial court found the said accused guilty and convicted them.
The special judge convicted both the IDBI officials and also eight private persons to one year each of rigorous imprisonment along with different fine amounts.
These include chartered accountant Jancy Prasad Kaza, Kaza Ambika Prasad, chartered accountant and managing partner of M/s Ambika and Isha, chartered accountants, Visakhapatnam, and panel valuer of the bank and also the owner of RK Engineers of Visakhapatnam Kotha Kama Raju, Yanamala Surya Narayana Reddy, Yanamala Sairam Tulasi, Panel Valuer of the bank Belagam Srinivasa Rao, Gudla Ramesh of M/s. Fine Steels of Visakhapatnam, and also Gudla Sangeetha.