The Special Judge CBI Cases, Visakhapatnam has sentenced Sri M. Sudhakar Rao, Managing Partner of M/s. Master Steel Tubes, Visakhapatnam to undergo five years Rigorous Imprisonment with fine of Rs.6,000/-.
CBI had registered a case on 28.04.2000 against then Chief Manager, Union Bank of India & others including Shri M. Sudhakar Rao, Managing Partner, M/s Master Steel Tubes, Visakhapatnam etc on the allegations that the accused including Public Servants & Private Persons, Bank Valuers conspired among themselves, with an intention to cheat Union Bank of India, Small Scale Industries Finance Branch, Visakhapatnam. In pursuance of the said conspiracy, the accused sanctioned the Cash Credit of Rs.52.50 lakh, Inland Letter of Credit of Rs.39 lakh, Term Loan for Car of Rs.2 lakh, on the inflated collateral and additional collateral securities, forged lorry receipts and invoices. A loss of Rs.60,49,227/- was caused to the bank.
After investigation, a chargesheet was filed on 15.05.2002 against the accused. During trial, two accused including then Chief Manager died and case against them was abated.
The Trial Court found the said accused guilty and convicted him. Two accused were acquitted by the Court.
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