The CBI registered a case on the allegations that panel valuers and others sanctioned and disbursed loans to ineligible borrowers.
(Representational image/Creative Commons)
A special court for CBI cases in Visakhapatnam convicted nine persons — the former assistant general manager (AGM) and assistant manager of IDBI Bank, along with five private persons — and two private firms of financial fraud on Wednesday, 15 February.
The court sentenced Surendranath Datti, former AGM-cum-Centre Head and Dwibhashyam Karthik, former assistant manager of the bank at the Vizag Retail Asset Centre in Visakhapatnam, to undergo two years of Rigorous Imprisonment (RI).
Five people — Buddha Srinivasa Rao, a civil contractor who runs a construction business in Anakapalle; Buddha Nirmala; and IDBI Bank panel valuers Kotha Kama Raju, Raghupathruni Kanaka Lakshmi Prasad, and Belagam Srinivasa — were sentenced to one year’s RI.
The CBI had registered a case on the allegations that Datti and Karthik, in connivance with borrowers, panel valuers, and others, sanctioned and disbursed loans to ineligible borrowers by accepting fake income tax returns, ignoring adverse CIBIL reports, violating the laid down procedures and norms of IDBI Bank and failing to ensure property security.
The court imposed a fine of ₹60,000 and ₹30,000 on Datti and Karthik, respectively. It imposed a fine of ₹30,000 each on Srinivasa Rao and Nirmala and ₹20,000 each on the three bank valuers.
The court has also imposed a fine of ₹60,000 on Nimble Corporate Services Private Limited in Hyderabad and ₹30,000 on Dharshan Management in Visakhapatnam.
It was surmised that the accused caused a total loss of ₹99.21 lakh to IDBI Bank.
After the investigation, the CBI filed a charge sheet against the accused. The trial court found the accused guilty and convicted them in the case.
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