Former Minister Shetty Convicted in Multi-Crore Fraud Case

Former Karnataka Minister and BJP leader Maluru Krishnaiah Shetty has been convicted in a Rs 7.17 crore fraud case. Along with three others, he defrauded a bank using forged documents. The case was investigated by the CBI, with charges under various IPC sections. Sentencing is pending.

In a significant development, former Karnataka Minister and BJP stalwart Maluru Krishnaiah Shetty has been convicted by a special court on charges of fraud involving Rs 7.17 crore. The court ruled Shetty, along with three others, defrauded a private bank by using forged documents. The sentencing is yet to be determined.

The case was meticulously investigated by the Central Bureau of Investigation (CBI) following a complaint filed by the victimized bank. The court's decision highlights that Shetty and his associates, including Srinivas and Muniraju, were guilty of criminal conspiracy and forgery among other offenses.

This fraudulent activity dates back to 1993, involving loans falsely promised to public sector employees. Shetty's involvement was corroborated through fake documents used to secure loans, with a significant amount still outstanding. This conviction further complicates Shetty's political and legal standing as he awaits the court's verdict on his punishment.