Judge I S Antin found Narayan Raj, former deputy manager of Bank of Maharastra, Basavanagudi branch, Bangalore; Ashok Kumar from Bangalore; Dr T Ravindranath Gupta from Chennai; Bhimareddy G Kullar from Hubli; and J Manik Rao from Secunderabad guilty of the offence and sentenced them for three years of simple imprisonment.
The Judge also slapped a fine of Rs 1.85 lakh or an additional six months’ simple imprisonment if they fail to pay the fine. Using fake letters of credit, they cheated various private scheduled banks. They were booked on September 22, 1993, after the incident came to light.
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