Hyderabad: Former Central Bank of India manager gets two years jail in housing loan scam

Hyderabad: Special Judge for CBI cases sentenced K. Raja Rao, former manager of Central Bank of India, Bolarum branch to two years rigorous imprisonment with a fine of Rs 65,000 and two private individuals D. Sanjiva Reddy and K. Ramana Reddy to one year imprisonment with a fine of Rs 15,000. The bureau’s press release on Thursday said that a case was registered against the three persons that they had cheated Central Bank of India in 2002 in connivance with another person (now dead) of a private firm. The trio sanctioned/obtained housing loans of Rs 1.29 crore (approx) in the name of 70 borrowers without proper identification, by using false reports of eligibility and by forging signatures of borrowers. The CBI had filed a chargesheet in 2006.