Businessman gets two years in jail for fraud

A local court today sentenced a businessman to two years' imprisonment and imposed a fine of Rs 5,000 on him for cheaing the Visakhapatnam Port Trust (VPT) here by rigging the tender process.
Additional chief metropolitan magistrate K V L Harnath convicted the accused M G Sai Prasad under section 420 of IPC (cheating), a CBI release said.
In 1997, VPT had called for quotations from M G Venkata Sai Prasad Enterprises, owned by Sai Prasad, for supply, erection and commissioning of oil recovery pipes.
Sai Prasad submitted three quotations on behalf of his own firm and two on behalf of non-existing persons, and inflated the cost of pipes. He got the contract.

He used the same method to rig another tender of VPT.
In all he caused a loss of Rs 3,70,000 to VPT, as per the CBI.