MUTLAPUDI ANJANEYULU Vs. STATE OF ANDHRA PRADESH
LAWS(APH)-2020-8-38
HIGH COURT OF ANDHRA PRADESH
Decided on August 20,2020

Mutlapudi Anjaneyulu Appellant
VERSUS
STATE OF ANDHRA PRADESH Respondents

JUDGEMENT

- (1.)The petitioner who is A-2 filed this petition seeking anticipatory bail in the event of his arrest in connection with Crime No.74 of 2020 on the file of Pedana Police Station, Krishna District, wherein he is alleged to have committed the offence punishable under Sections 403, 406, 409, 420, 465 r/w 34 IPC.
(2.)The Deputy General Manager of the Krishna District Cooperative Central Bank (for short "KDCC Bank") has given a complaint in Pedana Police Station on 10.03.2020 stating that 17 Secured Overdraft Loans were sanctioned at the Pedana Branch of KDCC Bank for a sum of Rs.4.25 crores. During the internal enquiry, it is found that this batch of 17 SOD loans sanctioned from February, 2016 to August, 2016 are full of irregularities from the beginning to the end. It is further stated in the complaint that prior to sanction of loan, the property offered as pledge has to be inspected personally and physically and verified by the AGM, who is designated as Nodal Officer to a few branches including Pedana Branch. Smt.P.Varalamma, AGM is the Nodal Officer having jurisdiction over this Pedana Branch and she did not carry out any inspection / verification in this regard. Instead, the prime suspect (the author of the entire fraud and the major beneficiary of the funds misappropriated) Kagitha Ramakrishna, AGM, incharge of NFS (Non-farm Sector) at Head Office has created record as if he carried out the inspection and personal verification of the properties offered as pledge to this batch of loans and not P.Varalamma, AGM, the Nodal Officer concerned.
(3.)It is further stated in the complaint that the personal inspection and physical verification and valuation of the properties offered as security or pledge has to be carried out at the branch level by the Branch Manager M.Anjayenulu (A-2) and Supervisor K.Sudheer, as they have to accompany the AGM concerned who is the Nodal Officer. Instead, these two officials have shown in the records as having followed all the procedures as they are in league with Kagitha Ramakrishna, AGM at the Head Office.
;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.