Jalandhar, January 21, 2013: The ACMM, Hyderabad has convicted Sri 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 about Rs.82.72 lakhto State Bank of Hyderabad.
The investigation revealed that during the period 1997 and 1998, the accused Sri M. Ranga Rao, MD of M/s Jai Kisan Seeds (India) Ltd., had cheated State Bank of Hyderabad (SBH), Somajiguda, Overseas Branch, Hyderabad and 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 about Rs.82,72,158 was caused to the bank.