{"id":54690,"date":"2018-11-08T13:32:01","date_gmt":"2018-11-08T08:02:01","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=54690"},"modified":"2018-11-08T13:32:03","modified_gmt":"2018-11-08T08:02:03","slug":"sbi-fraud-8-bank-officials-including-ashwin-mehta-acquitted","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/sbi-fraud-8-bank-officials-including-ashwin-mehta-acquitted","title":{"rendered":"SBI fraud: 8 bank officials including  Ashwin Mehta acquitted"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"259\" height=\"194\" data-attachment-id=\"54691\" data-permalink=\"https:\/\/www.legalindia.com\/news\/sbi-fraud-8-bank-officials-including-ashwin-mehta-acquitted\/sbi-fraud\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?fit=259%2C194&amp;ssl=1\" data-orig-size=\"259,194\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"sbi fraud\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?fit=259%2C194&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?fit=259%2C194&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?resize=259%2C194&#038;ssl=1\" alt=\"\" class=\"wp-image-54691\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?w=259&amp;ssl=1 259w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/11\/sbi-fraud.jpg?resize=134%2C100&amp;ssl=1 134w\" sizes=\"auto, (max-width: 259px) 100vw, 259px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><\/h2>\n\n\n\n<p>\n\nA Mumbai court has acquitted nine people, including Ashwin Mehta, brother of 1992 securities scam kingpin Harshad Mehta, in a case of duping the State Bank of India (SBI) to the tune of Rs 105 crore.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities scam, said in her judgement last week that there was no hesitation in holding that that the prosecution had failed to prove the case beyond reasonable doubt.<\/p>\n\n\n\n<p>Ashwin Mehta was a constituted attorney of Harshad Mehta and also one of the stock brokers in his brother&#8217;s firms.<\/p>\n\n\n\n<p>Apart from Ashwin Mehta, those acquitted are Rama Sitharaman, officer in-charge of securities division of the SBI, and seven other officials &#8212; Bhushan Raut, C Ravi Kumar, S Suresh Babu, P Muralidharan, Ashok Agarwal, Janardhan Bandhopadhyay and Shyam Sundar Gupta.<\/p>\n\n\n\n<p>According to the prosecution, the bank&#8217;s officials in collusion with the Mehta brothers entered into a conspiracy to cheat SBI Caps, the investment banking branch of the country&#8217;s largest lender, to the tune of Rs 105 crore in the sale and purchase transactions of securities from 1991 to 1992.<\/p>\n\n\n\n<p>SBI Caps routed all 24 transactions via Harshad Mehta and allegedly suffered a loss, according to the Central Bureau of Investigation (CBI), the prosecuting agency in the case.<\/p>\n\n\n\n<p>The case against prime accused Harshad Mehta was &#8216;abated&#8217; after he died in 2001.<\/p>\n\n\n\n<p>The CBI claimed the fund diversion could not have taken place without the knowledge of the accused bank officers.<\/p>\n\n\n\n<p>The court, however, accepted the defence arguments that the funds were diverted from the main branch of the bank and hence, the case against the accused officers, who were in the securities division, could not be accepted.<\/p>\n\n\n\n<p>&#8220;In light of the various gaps and missing links left open by the prosecution, may be on account of death of Harshad Mehta and the discharge of many accused in the case from time to time, the fact remains that the charge of conspiracy could not be proved,&#8221; the court said.<\/p>\n\n\n\n<p>The court also noted that there was a major lacuna in the sanction given to prosecute the officials under the Prevention of Corruption Act.\n\n<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Mumbai court has acquitted nine people, including Ashwin Mehta, brother of 1992 securities scam kingpin Harshad Mehta, in a case of duping the State Bank of India (SBI) to the tune of Rs 105 crore. Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54691,"comment_status":"open","ping_status":"closed","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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[20124,1],"tags":[43740,43738,34476,43739,2372,10425,43737],"class_list":["post-54690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-court-judiciary-legal-system","category-top-law-news","tag-ashwin-mehta","tag-harshad-mehta","tag-justice-shalini-phansalkar-joshi","tag-mehta-brother","tag-prevention-of-corruption-act","tag-sbi","tag-sbi-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBI fraud: 8 bank officials including Ashwin Mehta acquitted - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"A Mumbai court has acquitted nine people, including Ashwin Mehta, brother of 1992 securities scam kingpin Harshad Mehta, in a case of duping the State - Get the latest legal news from the Supreme Court, High Courts, and government. 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Justice Roshan Dalvi, presiding over a special court set up to\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"2 ex-bankers convicted  in 1992 stock mkt scam","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/jail.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":45673,"url":"https:\/\/www.legalindia.com\/news\/bjp-mla-narendra-mehta-acquitted-bribery-charges","url_meta":{"origin":54690,"position":1},"title":"BJP MLA Narendra Mehta acquitted of bribery charges","author":"Legal India News","date":"November 8, 2016","format":false,"excerpt":"Sitting BJP MLA Narendra Mehta from Mira-Bhayander Assembly constituency in Thane district was today acquitted in a 14-year-old case of bribery by a court here. Special Judge V V Bambarde of the district court let off the legislator after the prosecution failed to prove beyond all doubts the case against\u2026","rel":"","context":"In &quot;Criminal Law News&quot;","block_context":{"text":"Criminal Law News","link":"https:\/\/www.legalindia.com\/news\/category\/criminal-law-news"},"img":{"alt_text":"BJP MLA Narendra Mehta acquitted of bribery charges","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/07\/download-6.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":44581,"url":"https:\/\/www.legalindia.com\/news\/ex-haryana-speaker-s-s-kadian-jailed-7-years","url_meta":{"origin":54690,"position":2},"title":"Ex-Haryana speaker S S Kadian jailed for 7 years","author":"Legal India News","date":"August 26, 2016","format":false,"excerpt":"INLD leader and ex-speaker of Haryana Assembly Satbir Singh Kadian was today sent to jail for seven years in the over 20 year-old IFFCO graft case by a special court which also slapped a fine of Rs 50 lakh on him. 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