Daijiworld Media Network - Hyderabad
Hyderabad, Oct 25: A Special CBI Court in Hyderabad has convicted seven individuals, including a former senior bank manager, in a Rs 4.9 crore fraud case linked to Corporation Bank’s Banjara Hills branch, the CBI announced on Saturday.
The court sentenced T. Chandrakanth, the bank’s then Senior Manager, to two years of rigorous imprisonment (RI) and imposed a fine of Rs 20,000. Six private borrowers — V.N.S.C. Bose, V. Rajansri, Konda Sekhar Reddy, N.V.P. Nanda Kishore, and H. Raja Sekhar Reddy — received one year of RI each, along with a total fine of Rs 55,000.
The case, registered by the CBI on September 29, 2004, accused Chandrakanth and 16 others of defrauding Corporation Bank by approving and disbursing housing loans worth Rs 4.9 crore using false documents. After an extensive investigation, a chargesheet was filed on March 30, 2007, against Chandrakanth and 11 co-accused.
Investigators found that the accused manipulated loan documents and exploited their official positions to sanction loans in violation of standard banking procedures. Following a lengthy trial, the Special Judge for CBI Cases in Hyderabad delivered the verdict on October 24, 2025, convicting seven individuals and sentencing them to prison, bringing closure to a legal battle that spanned over 20 years.
In a separate case, the Special CBI Court in Ghaziabad recently convicted Manoj Srivastava, then Branch Manager of Union Bank of India’s Noida branch, on October 18, sentencing him to four years’ imprisonment and a Rs 30,000 fine for fraud committed between 2007 and 2009. The CBI had registered that case on December 14, 2010, citing misuse of official authority and wrongful loss to the bank.
These judgments highlight ongoing efforts by the CBI to hold bank officials and borrowers accountable for large-scale financial fraud in India.