Who Were Convicted in the Rs 4.9 Crore Bank Fraud Case in Hyderabad?
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Synopsis
In a landmark ruling, seven individuals, including a former senior bank manager, have been convicted in a Rs 4.9 crore bank fraud case in Hyderabad. The verdict marks the end of a lengthy legal saga, highlighting the ongoing battle against corruption in the banking sector.
Key Takeaways
- Seven individuals convicted in a significant bank fraud case.
- Involvement of a senior bank manager highlights systemic issues.
- Case involves fraudulent loans totaling Rs 4.9 crore.
- Legal proceedings spanned over two decades.
- Verdict underscores the importance of integrity in banking.
New Delhi, Oct 25 (NationPress) In a significant ruling, a Special CBI Court in Hyderabad has found seven individuals guilty, including a former senior bank manager, in connection with a Rs 4.9 crore bank fraud case linked to the Banjara Hills branch of Corporation Bank, the CBI disclosed on Saturday.
The court imposed a sentence of two years of rigorous imprisonment (RI) on T. Chandrakanth, the former Senior Manager of Corporation Bank, alongside a fine of Rs 20,000.
Additionally, six private borrowers—V.N.S.C. Bose, V. Rajansri, Konda Sekhar Reddy, N.V.P. Nanda Kishore, and H. Raja Sekhar Reddy—each received one year of rigorous imprisonment and were collectively fined Rs 55,000.
The Central Bureau of Investigation (CBI) initiated the case on September 29, 2004, against Chandrakanth and 16 others for allegedly deceiving Corporation Bank by fraudulently approving and distributing housing loans worth Rs 4.9 crore based on fabricated documentation.
After a detailed investigation, the CBI submitted a chargesheet on March 30, 2007, against Chandrakanth and 11 other defendants.
The findings indicated that the accused colluded to mislead the bank by altering loan documents and misusing their positions to obtain loans in breach of banking protocols.
Following a protracted trial, the Special Judge for CBI Cases in Hyderabad rendered the verdict on October 24, 2025, convicting seven defendants and sentencing them to prison time.
This ruling signifies the conclusion of an extensive legal struggle lasting over two decades.
In a related incident, the Special Judge of the CBI Court in Ghaziabad convicted and sentenced Manoj Srivastava, Branch Manager of the Union Bank of India, SSI Branch, Noida, to four years' imprisonment and a fine of Rs. 30,000 in another bank fraud case.
The CBI reported that the case against Srivastava was registered on December 14, 2010, based on allegations of fraud.
During his tenure at the Union Bank of India, Noida branch from 2007 to 2009, Srivastava exploited his official capacity as a public servant, resulting in substantial losses for the bank.
Point of View
It's essential to recognize that this verdict not only serves justice but also reinforces the need for accountability in the financial sector. Such rulings strengthen public trust in institutions and serve as a warning to those who might consider exploiting their positions for personal gain.
NationPress
19/12/2025
Frequently Asked Questions
What was the amount involved in the bank fraud case?
The bank fraud case involved an amount of Rs 4.9 crore.
How many individuals were convicted?
Seven individuals were convicted in this bank fraud case.
What was the role of T. Chandrakanth?
T. Chandrakanth was the Senior Manager of Corporation Bank and was sentenced to two years of rigorous imprisonment.
When was the case registered by the CBI?
The CBI registered the case on September 29, 2004.
What were the consequences for the other borrowers?
The six private borrowers received one year of rigorous imprisonment each and were fined a total of Rs 55,000.
