The court also imposed a fine of Rs 1.5 lakh on M/s Amar Data Systems Private Ltd. of Bangalore for causing losses to the bank.
Post Date – 11:15 PM, Tuesday – 11/29/22
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Hyderabad: The additional special judge in the CBI case in Hyderabad has sentenced C Narayanaswamy, then branch manager of the Bank of Maharashtra Hyderabad branch, to seven years of severe imprisonment and a fine of Rs 1,00,000, as well as K Sridhar and K Ananda Rao, Nanda Gopal, a partner managing M/s Divine Galaxy Hyderabad and owner of Sufi Impex Inc. Chennai, will be sentenced to seven years in prison and fined Rs 75,000 each.
The court also imposed a fine of Rs 1.5 lakh on M/s Amar Data Systems Private Ltd. of Bangalore for causing losses to the bank.
CBI filed a case in March 2002 against C Narayanaswamy, then manager of the Khairatabad branch of Bank of Maharashtra, and others, alleging that the defendants conspired with private individuals to approve a loan of Rs 6 million.
Rs. 44,51,304 was paid against the sanctioned amount of Rs. 6 million and was not recovered as the company was not operating at the given address. Accordingly, the defendants allowed private individuals to gain illicit pecuniary benefits, causing losses to the bank.
Following an investigation, charges were laid against the accused, who was found guilty and convicted by the Court of First Instance.
