Crime Nampally

Former Vijaya Bank manager convicted by Nampally CBI court in bank fraud

former vijaya bank manager convicted in bank fraud

NAMPALLY: After a 19 long years of legal battle in a bank fraud case, Former Vijaya Bank manager sentenced to three years imprisonment by special court dealing with Central bureau investigation(CBI) cases. During the prosecution court trial CBI produced 165 documentary evidences withstood scrutiny of legal proceedings resulting in conviction of the accused.

CBI was prompted to launch an investigation when allegations against V. P. Padmanabh came to light regarding the sanction of house loans without following the due process, CBI opened up the investigation against the accused V. P. Padmanabh and registered a criminal case in April 2006.

According to the CBI, “V. P. Padmanabh, while functioning as a Branch Manager, Vijaya Bank, Nampally abused his official position as public servant and in conspiracy with the 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”.

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.

165 documents produced by CBI proved crucial

A Charge sheet was filed against the accused V. P. Padmanabh along with the house loan beneficiaries in December 2006 after Eight months of registration of case. Investigation revealed that the accused in conspiracy with private persons sanctioned and disbursed Five housing loans without verifying the genuineness of various documents which resulted in wrongful loss to the Bank and corresponding wrongful gain to the accused.

During the trial, CBI established the bank fraud by producing around 165 documents related to the fraud which proved crucial in establishing the financial crime and led to the conviction. After trial, the Court held the accused guilty and sentenced V. P. Padmanabh to three years’ Rigorous Imprisonment with a fine of Rs. 65,000 in a Bank Fraud case.