CBI had registered the instant case on 01.08.2013 based on complaint of IDBI Bank Ltd., Specialised Corporate Branch, Hyderabad against accused including the convicted accused on the allegations that accused firm M/s. Siva Constructions, represented by its then Proprietor, Shri K Siva Rama Krishna; then Empaneled Valuer of the Bank; then Chartered Accountant, entered a criminal conspiracy with corrupt and illegal means and availed credit facilities to cheat IDBI Bank Ltd. by submitting inflated valuation report and false network certificates. Accused, thereby, caused wrongful loss to the Bank to the tune of Rs.10.19 crore.
After completion of investigation, chargesheet was filed by CBI on 05.06.2014 against accused including those convicted and sentenced by the Court.
The Court, after trial, found accused guilty and sentenced them accordingly.
