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Vijaya Bank ex-manager gets 3yrs RI for Rs 39.75L fraud

Hyderabad, April 30 (UNI) A CBI court in Hyderabad has convicted and sentenced VP Padmanabh, former branch manager at Vijaya Bank, Nampally here to three years of rigorous imprisonment with a fine of Rs 65,000 in a bank fraud case.
The Central Bureau of Investigation had registered a case on April 20, 2006 against accused Padmanabh, the then branch manager and others on the allegations that he abused his official position as public servant and in conspiracy with private persons sanctioned and disbursed five housing loans totaling to Rs. 39.75 lakh without verifying the genuineness of the sale agreement, sale deeds, guarantors and income proofs submitted by the borrowers, a CBI release said here on Tuesday.
Subsequently, the accused withdrew and misappropriated the loan proceeds, thereby obtaining wrongful benefit and causing corresponding wrongful loss to the tune of Rs. 39.75 lakh to the bank.
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