Five convicted for defrauding bank, one sentenced to life imprisonment

New Delhi [India], May 03 (ANI): Five people have been convicted by a special CBI court in Mumbai in connection with a bank fraud case.
The five convicted persons are--Rajendra Marutrao Patil, Bandalmudi Mahipal, Nizamuddin Ismail Surve, Reshma Kunte, and Premnath Atmaram Nikumbhe, according to a CBI release.
Special Judge for CBI Cases, Mumbai, sentenced Rajendra Marutrao Patil to undergo life imprisonment with a fine of Rs. 3.13 crore, Bandalmudi Mahipal, the then Branch Manager, Andhra Bank, Ghodbundar Road Branch, Thane, to undergo 10 years of rigorous Imprisonment with a fine of Rs. 3.40 lakh for causing huge losses to the bank.
The other three accused have been sentenced to three years of rigorous imprisonment. While Nizamuddin Ismail Surve has been fined Rs 18,000, Reshma Kunte and Premnath Atmaram Nikumbhe have been fined Rs 12,000 each.
CBI had registered a case on January 30, 2010, on a complaint from General Manager, Andhra Bank, Andheri, Mumbai against Rajendra, Bandalmudi Mahipal, then Branch Manager, Andhra Bank, Ghodbundar Road Branch, Thane (Maharashtra) and others.
It was alleged that the accused persons availed a term loan of Rs. 203.35 lakh for purchase of 15 Skoda Laura Cars. However, only one car was purchased and the rest of the money was siphoned off for other purposes by the borrower.
Another facility of secured overdraft of Rs.139.95 lakh against term deposit worth Rs.155.50 lakh was also availed by the applicant which was not cleared and thereby Andhra Bank was put to a total loss to the tune of approximately Rs. 2.30 crore.
After completion of investigation, a charge sheet was filed in the Court of Special Judge, Mumbai against the the accused persons under section 120-B , 420, 465, 467, 468, 471 and 511 of the Indian Penal Code and Section 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 and substantive offences thereof.
The trial court found the accused guilty and convicted them.