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SBI graft case: Internal panel clears Acharya

CBI said incriminating documents have been recovered from the residence of Acharya.

Written by ENS Economic Bureau | Mumbai | Published: December 7, 2013 2:39:44 am

State Bank of India’s internal panel which probed bribery allegations against its deputy managing director Shyamal Acharya has virtually cleared him from loan-for-cash charges involving Worlds Window Group.

“The members of the internal enquiry committee have noted that the sanction appears to have been given in the ordinary course of business,” SBI said in a statement. “SBI has submitted the report in respect of a loan by the credit committee headed by Acharya to the Department of Financial Services,” it said.

However,a senior SBI official said that Acharya has not resumed the duty as “no decision has been taken” on this matter. SBI had asked Acharya to proceed on leave,while it set up an internal committee to investigate the matter after he has been named by the CBI along with former SBI assistant general manager KK Kumarah and Piyoosh Goyal,chairman of Rs 1,100-crore Worlds Window Group in a graft case involving a Rs 400 crore loan.

The SBI panel included A Krishna Kumar and Hemant Contractor — two senior MDs of the bank — as members. CBI’s Economic Offences Wing in Mumbai has already registered a case against Acharya,Kumarah,Piyoosh Goyal and “other unknown officials of SBI and private persons”.

According to CBI,Worlds Window group had applied for corporate loan amongst others to SBI for Rs 400 crore. Kumarah approached the DMD for getting the loan sanctioned.

“The DMD allegedly influenced his office to process the loan application of the company and got the loan of Rs 75 crore sanctioned. After the sanctioning of the loan,the company allegedly paid Rs 25 lakh to his advisor (Kumarah) as reward and also paid Rs 15 lakh to him for further giving it to Acharya as reward. After getting Rs 15 lakh,Kumarah allegedly purchased one Rolex and one Omega wrist watch worth Rs 7.75 lakh and visited the office of Acharya and delivered them to him. After delivery of the wrist watches,the advisor was apprehended by CBI and the said two wrist watches were also recovered from the office cabin of the DMD,” CBI had said.

Gold and jewellery worth Rs 67 lakh,locker key,documents pertaining to investments in FD and other incriminating documents recovered from the residence of Acharya,CBI said.

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