A former branch manager of Punjab and Sind Bank has been sentenced by a Delhi court to one year rigorous imprisonment in a corruption case for misusing his official position by conspiring to cheat the bank.<\/p>\n
Special CBI Judge Kanwaljeet Arora also awarded a year’s jail term to a businessman, P V Khullar, for attempting to cheat the bank in 1998 in conspiracy with then Punjab and Sind Bank branch manager Maha Singh to create a false liability of Rs 1.35 crores on the bank against a fraudulent transaction between two companies.<\/p>\n
“Prosecution has been able to establish from the evidence on record that Maha Singh, being public servant, had hatched a criminal conspiracy and in furtherance of the conspiracy which he had with P V Khullar, he attempted to abuse his official position as public servant,” the judge said, while also imposing a fine of Rs one lakh each on both of them.<\/p>\n
The court also observed that Singh’s act was nothing short of “criminal misconduct with dishonest intention” to help M\/s Solar Finvest Pvt Ltd to the detriment of the bank for whom he was working.<\/p>\n
“His actions have clearly transgressed the limitations and boundaries of plain and simple misconduct and entered in the contours of criminal misconduct,” it noted.<\/p>\n
According to CBI, Singh had entered into a conspiracy with directors of two firms M\/s Tar Agro Farms Pvt Ltd and M\/s Solar Finvest Pvt Lt M\/s Tar Agro Farms Pvt Ltd and M\/s Solar Finvest Pvt Ltd d and others to create a false liability of Rs 1.35 crores on the bank by getting accepted a bill of exchange of July 1998 against a fraudulent transaction of sale and purchase of rice between the two firms.<\/p>\n
The court, however, noted that no loss was suffered by the bank.<\/p>\n
FIR was filed by CBI against Singh, the then Manager of Roshanpura branch of the bank, Solar Finvest Pvt Ltd and its directors P V Khullar and Pramod Kumar, Tar Agro Farms Pvt Ltd and its director A Rathna Sabhapati and individuals – Chander Prakash, Ravinder Jain, NPS Sandhu, R Mohan Raman and Adarsh Kumar Jain in 1999.<\/p>\n
During the trial, the accused persons had denied all the allegations levelled against them.<\/p>\n
Except Singh and Khullar, all other accused were acquitted by the court<\/p>\n","protected":false},"excerpt":{"rendered":"
A former branch manager of Punjab and Sind Bank has been sentenced by a Delhi court to one year rigorous imprisonment in a corruption case for misusing his official position by conspiring to cheat the bank. Special CBI Judge Kanwaljeet Arora also awarded a year’s jail term to a businessman, P V Khullar, for attempting […]<\/p>\n","protected":false},"author":1,"featured_media":35430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[86],"tags":[31287,31286,31285],"class_list":["post-36614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-law-news","tag-ms-solar-finvest-pvt-ltd","tag-ms-tar-agro-farms-pvt-ltd","tag-punjab-and-sind-bank"],"yoast_head":"\n