PSU Bank official, three pvt persons jailed in corruption case

PSU Bank official, three pvt persons jailed in corruption case
PSU Bank official, three pvt persons jailed in corruption case

A senior official of Union Bank of India and three others have been sentenced to varying jail terms of two to four years for cheating and causing a loss of Rs 1.5 crore to the bank by a Delhi court, which said plunder of public exchequer cannot be permitted at any cost.

The court said any attempt to cause wrongful loss to the public exchequer has to be dealt with sternly as public money was not for looting.

“A clear message is to be sent to the society that plunder of public exchequer cannot be permitted at any cost as the said money belongs to people of the country and is meant for development of the nation and any attempt to cause wrongful loss to public exchequer has to be dealt with sternly,” Special CBI Judge Harish Dudani said.

The court awarded four years jail term to the bank’s former branch manager M C Aggarwal and Chetan Sharma, the proprietor of Delhi-based M/S Royal Sales Corporation. It also sentenced convicts Vipin Sharma and Pawan Kumar Aggarwal, proprietors of two more private firms, to two years in jail.

The four convicts were held guilty for various offences including cheating, cheating by impersonation, using forged documents as genuine and criminal conspiracy under the IPC.

Aggarwal was also convicted under provisions of Prevention of Corruption Act.

The court, in its 173-page judgement, said all the convicts had entered into a conspiracy, due to which wrongful loss was caused to the public exchequer.

“Although, all the convicts have pleaded for lenient view citing various reasons but sight cannot be lost of the fact that convicts had made wrongful gain from the public sector bank which was the hard earned money of public, of which convict Aggarwal was the custodian.

“Aggarwal instead of performing his duty as a guardian of public money, plundered the public exchequer in conspiracy with other convicts and they have been benefited from the money which belonged to citizens of the country,” it said.

According to the CBI, a complaint was lodged by the then chief manager of the bank’s Sadar Bazar branch against Chetan Sharma for cheating the institution on the basis of forged and fabricated documents and a case was lodged in January 2009.

( Source – PTI )

BCCI-Nimbus row: SC asks banks to deposit Rs 400 cr

The Supreme Court today asked three nationalised banks to deposit Rs 400 crore towards securing the claim of BCCI in a dispute over termination of the Rs 1,600-crore contract between the cricket board and Nimbus Communications, pending the hearing of their dispute.

A bench of Justices Aftab Alam and Ranjana Desai asked Punjab National Bank, Indian Bank and the Union Bank of India to deposit the amount within 15 days with the Bombay High Court Registry, which would then remit the money to the bank account of BCCI.

The order of the apex court came on a Special Leave Petition filed by the BCCI stemming from the banks’ refusal to pay the money to the tune of Rs 1,600 crore under the conditional bank guarantees issued by them towards the contract executed in consideration of the Media Rights License Agreement (MRLA) between BCCI and Nimbus for broadcasting the cricket matches.

Appearing for BCCI, senior advocate C A Sundaram said the matter pertains to a four-year Media Rights License Agreement entered into by the BCCI with Nimbus Communications Ltd in 2009 for telecast of all domestic and international matches played by India at home between April 1, 2010 and March 31, 2014.

However, BCCI in December 2011 cancelled the domestic broadcasting rights given to Nimbus owing to a default in payment.

The Board had then sought to encash the guarantees, which was refused by the banks.

The BCCI filed suits against the three banks before the Bombay High Court which granted the banks leave to defend the suit on a condition that they deposit Rs 400 crore with the the high court which would then redeposit the sums with the respective banks.

Aggrieved by this order, the BCCI had moved the apex court contending that that there was no point in redepositing the money with the bank.

The BCCI, today, also undertook that if the suit initiated by it fails, the amount of Rs 400 crore would be returned by it along with interest.

(Source:http://news.outlookindia.com)