Principal judge for CBI cases G Anupama Chakravarthy held former United India Insurance Company Ltd official Merugu Francis Showry guilty and also imposed a fine of Rs 50,000 besides the simple imprisonment.
However, the court acquitted another official of the company Kakani Sudhir, the CBI said.
According to the case, while serving the insurance company, Showry allegedly acquired movable and immovable properties worth Rs 9,02,371, in his name and in the name of ‘benami’ Kakani Sudheer, which was 81.78 per cent disproportionate when compared to his known sources of income, and could not be accounted for satisfactorily.
The properties were amassed from August 1, 2000 to October 31, 2003, in his name and in the name of Sudheer.
The court convicted Showry under Section 13(2) read with Section 13(1)(e) of Prevention of Corruption Act, 1988 and acquitted Kakani Sudheer.
The judge also directed the prosecution to confiscate Showry’s properties to the tune of Rs 7,77,021 which was found to be disproportionate, the CBI said.