CBI Court Convicts Seven In Rs 4.9 Crore Bank Fraud Case In Hyderabad
The court sentenced T. Chandrakanth, the then Senior Manager of Corporation Bank, to two years of rigorous imprisonment (RI) and imposed a fine of Rs 20,000.
Six private borrowers - V.N.S.C. Bose, V. Rajansri, Konda Sekhar Reddy, N.V.P. Nanda Kishore, and H. Raja Sekhar Reddy - were sentenced to one year of rigorous imprisonment each, along with a total fine of Rs 55,000.
The Central Bureau of Investigation (CBI) had registered the case on September 29, 2004, against Chandrakanth and 16 others for allegedly cheating Corporation Bank by fraudulently sanctioning and disbursing housing loans worth Rs 4.9 crore based on false and fictitious documents.
Following an extensive probe, the CBI filed a chargesheet on March 30, 2007, against Chandrakanth and 11 others.
The investigation revealed that the accused conspired to defraud the bank by manipulating loan documents and misusing their official positions to secure loans in violation of banking procedures.
After a lengthy trial, the Special Judge for CBI Cases in Hyderabad delivered the judgment on October 24, 2025, convicting seven of the accused and sentencing them to prison.
The court's verdict marks the culmination of a long-drawn legal battle spanning over two decades.
Earlier, the Special Judge of the CBI Court, Ghaziabad, on October 18, convicted and sentenced Manoj Srivastava, Branch Manager of the Union Bank of India, SSI Branch, Noida, to four years' imprisonment and a fine of Rs. 30,000 in a bank fraud case.
According to the CBI, it registered the instant case on December 14, 2010, against the accused and others on the allegation of fraud.
The accused, who was posted at the Union Bank of India, Noida branch from 2007 to 2009, abused his official position as a public servant and caused wrongful loss to the bank.
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