A former branch manager at Vijaya Bank in Nampally has been sentenced to three years in prison and fined Rs 65,000 for a bank fraud case. The court found that he had abused his position as a public servant by approving and disbursing five home loans without verifying necessary documents.
The case against V P Padmanabh and others was registered by the CBI in 2006. It was alleged that Padmanabh, while working at Vijaya Bank on PG Road in Nampally, conspired with private individuals to approve loans totaling Rs 39.75 lakh without proper verification of sale agreements, deeds, guarantors, and income proofs.
A charge sheet was filed against Padmanabh and other suspects. The investigation revealed that he had colluded with private individuals to approve housing loans without verifying authenticity, resulting in losses for the bank and gains for the suspects. The court convicted Padmanabh based on 165 documents presented by the CBI during the trial.
The CBI’s investigation showed that Padmanabh’s actions had caused financial harm to the bank and benefited those involved in the fraud. The court’s decision to convict and sentence him to three years in prison and impose a fine of Rs 65,000 reflects the seriousness of the offense committed.
