The ACMM, Hyderabad has convicted M.Ranga Rao, Managing Director of M/s Jai Kisan Seeds India Ltd., Hyderabad and sentenced him to undergo five years Rigorous Imprisonment with total five of Rs. 60,000/- for causing loss of Rs.82.72 Lakh(approx) to State Bank of Hyderabad.
The investigation revealed that during the period 1997 & 1998, the accused M.Ranga Rao, MD of M/s Jai Kisan Seeds(India) Ltd., had cheated State Bank of Hyderabad (SBH), Somajiguda, Overseas Branch, Hyderabad & sanctioned credit limits to the extent of Rs.80 lakhs (cash credit of Rs.35 lakhs, MCT of Rs.10 lakhs and LC of Rs.35 lakhs) on the basis of forged documents as a token of creating an equitable mortgage and misutilised the said loan . A loss of Rs.82,72,158/-(approx) was caused to the bank.
The Trial Court found the accused guilty and convicted him.
Read more / Original news source: http://manipur-mail.com/five-years-ri/
