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A special Trial of Offences Relating to Transactions in Securities Act (TORTS) court has convicted Hiten Dalal,one of the top stock traders of the late 1990s,and two former bank officials for siphoning off Rs 130 crore in 1991.
The special court constituted in the Bombay High Court to look into the matter and presided over by Justice J H Bhatia convicted Dalal,R Dhankumar and S P Kamat,both former managers of Andhra Bank,for conspiracy,cheating and falsification of accounts under the Indian Penal Code and Prevention of Corruption Act. The trio have been sentenced to two years rigorous imprisonment. The trio has been convicted in several cases earlier but have been on bail. They have filed for renewal of bail, said a senior investigating officer.
According to the CBI,the trio executed bogus fictitious and non-existent transactions in 1991 and entered into a criminal conspiracy to siphon off funds to the tune of Rs 130 crore and thereafter criminally misappropriating the proceeds. The court while convicting the accused observed that these proceeds were criminally misappropriated to Dalals account by the other two accused.
Dalal who has been booked in over two dozen cases by the CBI has already been convicted in several cases along with stock broker Ketan Parekh. Dalal has many more cases pending against him before the special court, said the officer.
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