The court today sentenced Basavaraju to a three-year jail term dealing with a fraudulent gold loan. Basavaraju (53) from Veyagoda in Vishakapatnam was working as Special Assistant Cashier in the Sihanchalam State Bank of India in 2013.
At that time, He took a loan of Rs 9.85 Lakhs on fake gold on the names of his wife Rajyalakshmi and people of his neighbouring areas MNN Raju, NS Sanyasiraju, K.Sambamurthy and N Venkat Rao. A few days later, bank officials audited teh gold.
The bank manager, Garikipati Subrahmanyam, complained in the police station at Gopalapatnam after the audit report. Subsequently, the CI filed a case against Narasimha Rao and submitted a report to the court. The second Additional Metropolitan Magistrate, Sultana Begum passed the judgment on Friday after the inquiry. The accused Basavaraju was sentenced to three years in jail and a fine of Rs. 20,000.