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RI to former SBI manager

SPECIAL CBI Judge Sarita Singh on Friday ordered rigorous imprisonment (RI) to nine people including ex-manager of State Bank of India M G Road branch and its deputy manager in a Rs 2 crore embezzlement case in which the Bank was deceived.

india Updated: Dec 24, 2006 17:01 IST

SPECIAL CBI Judge Sarita Singh on Friday ordered rigorous imprisonment (RI) to nine people including ex-manager of State Bank of India M G Road branch and its deputy manager in a Rs 2 crore embezzlement case in which the Bank was deceived.

While pronouncing the judgement, the judge observed that people deposit their money in the bank with a feeling that it would be secure. Therefore, any embezzlement not only shakes public confidence in the banking system it also casts adverse effect on nation’s economy, judge remarked.

The judge also remarked the former manager Sharad Baheti misused the bank money along with deputy manager D K Jhanwar while Pleasure Medico director Mukesh Jain and his wife Chandanbala treated the bank’s cash credit limit as their own money.

Aside from the couple, their four family members and friend Abdul Rehman have also been pronounced guilty under Sections 120 B, 420 of IPC.

Two separate cases were filed against the convicts in the CBI court here. In one case, Baheti went out of the way to purchase cheques of Mukesh Jain to grant him clean overdraft facilities in 2002-03. Though these cheques bounced, Jain had Rs 48.80 lakh as OD in account that he used.

In this case, Baheti has been granted five years of RI, fine of Rs 25,000 and additional one-year RI if he failed to pay the fine.

On the other hand, two years of RI was ordered against Mukesh along with fine of Rs 10,000 and six months of additional imprisonment if he did not pay the fine.

In another case, Baheti sanctioned the hypothecation limit of Rs 10 lakh to Jains on fake documents and exceeded it further to Rs 10 lakh each without required formalities.

In this case, the court ordered imprisonment of 16 years to Baheti under three different IPC Sections, which he will complete in seven years. Apart from this, a fine of Rs 1 lakh was also imposed on him.

Mukesh, on the other hand has been ordered a fine of Rs 70,000 and RI of five years. Likewise, RI of five years and fine of Rs 45,000 has been ordered against Jhanwar. Subhash Pande was the investigating officer while Hemant K Shukla was the CBI special public prosecutor in the case.