Andhra Pradesh - Visakhapatnam

Convicted in cheating case

VISAKHAPATNAM: Special Judge for CBI cases S. Bajaranga Babu, in his judgment on Friday, convicted C.G.K. Murthy, a former branch manager of Andhra Bank Gandhinagar branch in Vijayawada, P. Rama Kanaka Durga Prasad, the then panel surveyor, Andhra Bank, Vijayawada, V. Venkata Satya Siva Sekhar Raju, chairman, M/s Sri Lalitha Cement Products Private Limited, V. Sujata Vani, its managing director, G. Kalyana Varma and P. Vijayalakshmi, (both directors) and T. Venkata Kishore Kumar, fake supplier to M/s Sri Lalitha Cement Products in the name of M./s Sri Venkateswara Enterprises, Vijayawada.

The CBI, Visakhapatnam Branch, registered case on March 28, 2002, against C.G.K. Murthy, P.R.K. Durga Prasad, bank approved valuer, and against M/s Sri Lalitha Cement Products (P) Ltd., under Section 120 B read with 420, 468, 471, 477-A IPC and Section 13(2) read with 13(1) (d) of the Prevention of Corruption Act, 1988.

The CBI filed a charge-sheet on June 30, 2003, against all the above accused and also R. Venkata Ramana Swamy, fake supplier to M/s Sri Lalitha Cement Products in the name of M/s Machines and Materials Marketing, Vijayawada, under various Sections on the allegation that C.G.K. Murthy, while functioning as Branch Manager during 1999, had entered into a criminal conspiracy with P.R.K. Durga Prasad and the other accused and abused his official position to sanction a loan of Rs.30 lakhs on the over-valued collateral security offered by M/s Sri Lalitha Cement Products (P) Ltd and thereby cheated the bank and caused a wrongful loss to the tune of Rs.30 lakhs to the bank.

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