A former manager of Andhra Bank's Chamarajpet branch and a former director of J J Fashion Studio Private Limited (JJFSPL), Bengaluru, have been convicted by a special CBI court in the Rs 1.44-crore cheating case.
The special judge for CBI cases, Benglauru, found the then Chamarajpet branch manager of Andhra Bank, A E Devandranath, and the then JJFSPLdirector, F Don Bosco, guilty of the offence. The judge sentenced the duo to four years of rigorous imprisonment. The judge also slapped a fine of Rs 50,000 on both of them. The judge awarded Devandranath two years of additional rigorous imprisonment and slapped a fine of Rs 25,000.
Bank officials had stated in the complaint that Devandranath had cheated the bank by permitting various packing credit facilities to JJFSPLin violation of the bank's procedures and guidelines. Devandranath had also accepted the foreign export bills of JJFSPL. He approved credit facilities to the company without the realisation of bills and without obtaining the required information.
He had not conducted periodical inspection. He had accepted the false and inflated stock statements. He had also allowed packing credit against fax copies of the order in the name of sister concerns of the borrower.
Bank officials had alleged that the bank had incurred a loss of Rs 1.44 crore because of Devandranath's act. The CBI had registered a case on December 27, 1999, against the two based on a complaint by Andhra Bank, and filed the charge sheet on August 31, 2001.
The special judge for CBI cases, Benglauru, found the then Chamarajpet branch manager of Andhra Bank, A E Devandranath, and the then JJFSPLdirector, F Don Bosco, guilty of the offence. The judge sentenced the duo to four years of rigorous imprisonment. The judge also slapped a fine of Rs 50,000 on both of them. The judge awarded Devandranath two years of additional rigorous imprisonment and slapped a fine of Rs 25,000.
Bank officials had stated in the complaint that Devandranath had cheated the bank by permitting various packing credit facilities to JJFSPLin violation of the bank's procedures and guidelines. Devandranath had also accepted the foreign export bills of JJFSPL. He approved credit facilities to the company without the realisation of bills and without obtaining the required information.
He had not conducted periodical inspection. He had accepted the false and inflated stock statements. He had also allowed packing credit against fax copies of the order in the name of sister concerns of the borrower.
Bank officials had alleged that the bank had incurred a loss of Rs 1.44 crore because of Devandranath's act. The CBI had registered a case on December 27, 1999, against the two based on a complaint by Andhra Bank, and filed the charge sheet on August 31, 2001.