Ex branch manager from Vizag including 14 others held

Visakhapatnam: A special court here on Friday sentenced former branch manager of Bank of Baroda in East Godavari district and fourteen others to five years jail in connection with a Rs 80.34 lakh fraud.

Principal special judge for CBI cases, P V Jyothirmai, convicted former manager of Bank of Baroda, Yeditha branch, East Godavari M Syamala Rao and 14 others and imposed a total fine of Rs 8.9 lakh. All the 15 convicts were later sent to Central Prison in Visakhapatnam.

According to Superintendent of Police, CBI in Visakhapatnam, R Gopala Krishna Rao, it was alleged that during 2005 to 2007, Syamala Rao connived with 14 private borrowers and fraudulently sanctioned ten term loans of Rs 9.5 lakh each. The loans were sanctioned under Rural Employment Guarantee Programme (REGP) of Khadi and Village Industries Commission (KVIC) of central government for establishing brick units.

The loan amount was disbursed to borrowers on the basis of fake and forged documents submitted by them.  All the accused benefited from it, causing the loss to the Bank of Baroda, Yeditha Branch, to the tune of Rs 80.34 lakh.

Source: PTI