Hyderabad, March 17 -- The XXI Additional Chief Metropolitan Magistrate, Hyderabad, has sentenced two private individuals, K Siva Rama Krishna and N. Mohan Reddy, to three years of rigorous imprisonment along with a total fine of Rs. 30,000 in connection with a bank fraud case.
The Central Bureau of Investigation (CBI) registered the case on August 1, 2013, following a complaint from IDBI Bank Ltd., Specialised Corporate Branch, Hyderabad. The complaint alleged that the accused, including the convicted individuals, conspired to cheat IDBI Bank Limited.
The accused firm, M/s. Siva Constructions, represented by its then proprietor K. Siva Rama Krishna, along with a bank-empanelled valuer and a chartered accountant, submitted inflated valuat...