JUDGMENT: 4 years RI to two accused for fraudulently causing loss

Jalandhar, January 1, 2013: The Additional Chief Metropolitan Magistrate, Egmore (Chennai) has convicted  Srinivasalu Reddy and Sundaram Gopu U/s 120-B r/w 420, 419, 467, 468, 471 of Indian Penal Code and sentenced them to undergo four years Rigorous Imprisonment with fine of Rs. 2.25 lakh and Rs. 2.30 lakh respectively in a CBI case.

The investigation revealed that the accused persons availed credit facilities by depositing forged title deeds and fraudulently mortgaging the immovable property offered as collateral security with several banks, causing a loss of Rs.130.71 lakhs and interest thereon to the Bank of India, Chennai Main Branch.

The Court found two accused persons guilty during trial and convicted them.