Former Andhra Bank manager, 7 borrowers sentenced to 2 years imprisonment in fraud case

A former Andhra Bank manager and seven borrowers were sentenced to two years of rigorous imprisonment in a bank fraud case.

"The Special Judge for CBI Cases, Visakhapatnam has sentenced Sri Kasukurthi Jalaramaiah, the then Manager, Andhra Bank, Ravinuthala Branch, District Prakasam (Andhra Pradesh) to undergo two years Rigorous Imprisonment with fine of Rs 96,000," an official release said.

"Seven borrowers namely Sheik Subh, Nidanapu Anjaiah, Ravi Chiranjeevi, Anubrolu Sumitra, Lella Subba Reddy, Marriboina Ramachandra Rao, Oruganti Basavaiah were also sentenced to undergo two years Rigorous Imprisonment with fine of Rs. 6,000/- each for causing loss to the bank," it said.

In a case registered by the CBI, it was alleged that Jalaramaiah, the then Branch Manager, Andhra Bank, Ravinuthala Branch in Prakasam district conspired with Cash Officer, Andhra Bank, Ravinuthala Branch and 11 borrowers fraudulently sanctioned and disbursed 123 crop loans amounting to approximately Rs 1.02 crore in favour of 114 non-existing persons and 9 private persons between 2007 and 2008.

"The accused also accepted fake and fabricated supporting documents submitted along with the loan applications. A loss of Rs 1,02,00,659/- and the interest accrued thereon was caused to the bank. Two borrowers and the Cash Officer of Andhra Bank died. After the investigation, a charge sheet was filed against the accused. The Trial Court convicted the accused and acquitted two persons," the release said.

( With inputs from ANI )