Securities scam: SBI official convicted | mumbai | Hindustan Times
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Securities scam: SBI official convicted

A special court on Friday convicted R. Sitaraman, former assistant manager with the State Bank of India (SBI) for his role in the 1992’s securities scam in which big bull Harshad Mehta was the main accused.

mumbai Updated: Oct 23, 2010 01:10 IST

A special court on Friday convicted R. Sitaraman, former assistant manager with the State Bank of India (SBI) for his role in the 1992’s securities scam in which big bull Harshad Mehta was the main accused.

Justice JH Bhatia has sentenced Sitaraman to rigourous imprisonment of two years after finding him guilty of forgery. The court has also imposed a fine of Rs 10,000 on Sitaraman.

He has also been convicted under the Prevention Of Corruption Act and sentenced to one year rigourous imprisonment with a fine of Rs 10,000.

Central Bureau of Investigation (CBI) had arrested Sitaraman along with Mehta.

The present case related to 10 transactions between the SBI and the Delhi branch of Punjab National Bank (PNB).

According to the CBI, Sitaraman entered into false transactions with the PNB, showing that it was a transaction between the PNB and SBI.

Justice Bhatia stayed the sentence for 2 months to allow Sitaraman to appeal in Supreme Court.

In April 2006, Sitaraman was convicted to 10 years RI in a similar case.