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Cleared of graft charges by internal probe, SBI deputy MD back as inspection head

CBI also raided offices and residences of Kumarah and Goyal.

New Delhi |
March 7, 2014 2:59:55 am

Within four months of State Bank of India sending Shyamal Acharya, its deputy managing director (DMD), on a forced leave following allegations of accepting bribe for clearing loans, the official has rejoined the country’s largest lender, albeit in a different role.

Acharya, the former in-charge of the mid-corporate group, is the senior-most SBI official to be ever removed from post on corruption charges. He has rejoined as the DMD at the bank’s inspection and management audit department in Hyderabad.

The induction comes even though it is learnt that the CBI is yet to clear his name from bribery charges alleged against him in November 2013. CBI had alleged that Acharya had accepted bribe for facilitating a Rs 75 crore loan (a part of a Rs 400-crore loan) to the Worlds Window Group (WWG). It had also registered case against KK Kumarah, ex-SBI official and the chairman of WWG – Piyoosh Goyal.

Managing director of SBI, A Krishnakumar, when contacted by The Indian Express on whether CBI has cleared the charges leveled against Acharya, said, “I have no idea about it”. The induction seems to be based on the clearance granted by a two-member internal committee of SBI in December. The committee, comprising Hemant Contractor and Krishnakumar, did not find any procedural lapses on the part of the department while processing the loans sanctioned to WWG. The bank then said that the borrower was eligible for the loan.

CBI had levelled the charges against Acharya after it received a tip-off and then recovered luxury watches worth several lakhs, gold and jewellery valued in excess of Rs 60 lakh, several bottles of scotch and other benami documents of gold purchase in a raid at Acharya’s Napean Sea road residence and his office.

CBI also raided offices and residences of Kumarah and Goyal. CBI had then said that Acharya would be asked to explain the source of income for accumulating these valuables.

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