Hyderabad: 2 managers, 8 others jailed for Rs 4.5 crore bank fraud

Hyderabad: The special judge for CBI cases, Hyderabad, has sentenced two bank managers and eight others to undergo one to seven years of rigorous imprisonment for causing a loss of 4.5 crore to Bank of Maharashtra. The judge also imposed penalties on six firms for their role in the case.
Sarath Babu Jelly, then senior manager, Suhas Kalyan Ramdas, then assistant general manager of BOM, Secunderabad, and eight individuals — Donikena Sridhar, Donikena Purna, Marella Srinivas Reddy, Marella Laxma Reddy, Vempati Srinivas, Vette Raja Reddy, Vadde Narasaiah and Bathula Satya Suraj Reddy — were convicted of diverting the funds for purposes other than the sanctioned on fake and fabricated documents, causing a loss to the tune of 4.5 crore to the bank.
The court also imposed a fine of 1 lakh each on Maven Life Sciences Pvt Ltd, Graupel Pharma Pvt Ltd, Conferro Health Care Pvt Ltd and 50,000 each on Hyderabad Tablet Tools, Kiran Impex Private Ltd and Sri Vaishnavi Pharma Chem.