Man gets 5yr RI in bank fraud case

Visakhapatnam: The special judge for CBI cases in Visakhapatnam has sentenced one M Sudhakar Rao, managing partner of a steel tubes plant in the city, to undergo five years of rigorous imprisonment and slapped a fine of 6,000 on him in a bank fraud case. CBI officials mentioned that they have registered a case against the then chief manager of Union Bank of India and others, including Rao, for conspiring to cheat the bank, small scale industries finance branch in the city, back in April 2000. The bank incurred a loss of around 60.49 lakh.TNN