Telangana Grameena bank official found guilty in DA case of CBI

Hyderabad: The Special Court for CBI Cases, Hyderabad had convicted a bank official of Telangana Grameena bank in a Disproportionate Assets (DA) case on Thursday.
The accused Sh. Madi Jaipal Reddy, then Cashier-cum-Clerk, Telangana Grameena Bank, Aziz Nagar Branch, Moinabad Mandal, R. R. District, Telangana sentenced to undergo 4 years’ Rigorous Imprisonment (RI) with fine of Rs 5 lakh in a case related to accused possessing Disproportionate Assets.
CBI had registered a case on allegations that during the period between April, 2011 and February 2018 Sh. Madi Jaipal Reddy had acquired assets in his name and in the names of his family members to the tune of Rs. 1.2 crores which were disproportionate to his known sources of income and pecuniary resources for which he could not satisfactorily explain.
Going further into case details, in 2017, CBI received a complaint from Mandala Ravinder Reddy, Regional Manager, Telangana Grameena Bank, Hyderabad, alleging that M. Jaipal Reddy, during the period from July 2010 to Jan 2018 had defrauded the bank and bank customers to an amount of Rs.894.89 Lakhs
Further in the complaint alleged that Reddy conspired with Bank Managers and other private persons by restoring to various Modus Operandi/strategies like Tampering of original face value of TDRs in the system by omitting ‘0’ and inflated the face value of TDRs. TDR physically issued fictitiously but not accounted for in the books of accounts. “Physical TDRs issued under his signature though he is not competent. The paid TDRs are regenerated with fraudulent intention and handed over to customers by having unlawful custody of security instruments of the bank and incorporated the renewal fictitiously to gain the confidence of the customers. The said defrauded amounts were transferred online through NEFT to other bank accounts of third parties connected to the fraud,” said in the complaint. Based on which CBI booked a case.
Investigation revealed that the percentage of Disproportionate Assets is 319%. Subsequently after the completion of investigation, charge sheet was filed in December 2018 against the accused.
After trial, the Special Court for CBI Cases found the accused guilty and sentenced him for four years rigorous imprisonment and imposed a fine of Five lakhs.