A 61-year old author was sentenced to a three-year jail term by a city court for cheating a bank to get loan and other credit facilities in a two-decade-old corruption case.
Additional Sessions Judge VK Maheshwari sentenced KG Sharma to three-year imprisonment after the author sought leniency on the ground that he was a “renowned scholar” and a “social scientist” who has written 42 books. The judge also imposed a fine of Rs 1.75 lakh on him.
The court convicted Sharma, an engineer, for conspiring with the then branch manager of erstwhile New Bank of India (now Punjab National Bank) JS Bindra to get loans without fulfilling the required criteria for setting up a business and getting bill discounts during the period from 1986 to 1989. Bindra died during the trial.
The CBI had accused them of causing a loss of Rs 32 lakh to the bank.
The CBI had alleged that Sharma, in conspiracy with others, obtained pecuniary advantage by availing credit facilities in favour of his firm RK Udhyog without procuring a required fixed deposit of Rs 15 lakh, which was a special condition in the loan agreement. Sharma presented nine forged bills, which were discounted by Bindra even when these bills were dishonoured and not paid by the parties.
“As a result of these fraudulent transactions, the bank has been cheated to the tune of Rs 31.67 lakh by the accused,” the CBI said.
“This court is of the opinion that prosecution has proved its case beyond reasonable doubts against accused KG Sharma for commission of offence under section 120B (criminal conspiracy), 420 (cheating), 467 (forgery of valuable security) and 471 (using a forged document as genuine),” the judge said.