Author gets 3 years in jail in 20-year-old corruption case

A Delhi court has sentenced a 61-year-old author to three years in jail in a two-decade old corruption case,in which he had allegedly cheated a bank to get a loan and other credit facilities.

Written by Express News Service | New Delhi | Published:May 12, 2012 1:10 am

A Delhi court has sentenced a 61-year-old author to three years in jail in a two-decade old corruption case,in which he had allegedly cheated a bank to get a loan and other credit facilities.

The court also imposed a fine of Rs 1.75 lakh on him,rejecting his plea for leniency on the ground that he was a “renowned scholar”,a “social scientist” and an author of 42 books.

The court had convicted Sharma,an engineer,for conspiring with the then branch manager of New Bank of India (now Punjab National Bank) J S Bindra,who died during the pendency of the case.

The agency alleged that Sharma availed credit facilities in favour of his firm

R K Udhyog without procuring a required fixed deposit of Rs 15 lakh,which was a special condition in the loan agreement.

Further,it alleged that without purchasing any machinery,Sharma got 11 bill discounts sanctioned by Bindra through forged signatures of proprietors’ firms from where he was to buy the machinery.

Moreover,the machinery for which finance was obtained was already under the charge of another bank and the accused had obtained a loan for his firm from another bank.

“As a result of these fraudulent transactions,the bank has been cheated to the tune of Rs 31.67 lakh by the accused,” the CBI said.

The agency had also named Raman Chadha,a businessman,as accused in the case but the court acquitted him saying the CBI had failed to prove that he committed any criminal offence. However,it said the prosecution had proved its case against Sharma “beyond reasonable doubt”.

“This court is of the opinion that prosecution has proved its case beyond reasonable doubt against accused K G Sharma for commission of offence,” Special Judge V K Maheshwari said.

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