SBI deputy MD Shyamal Acharya caught with huge unaccounted assets
26 November 2013
Following searches by officers of the Central Bureau of Investigation (CBI) over a graft case involving SBI officials, large amounts of jewellery and cash have been found with the bank's deputy managing director Shyamal Acharya.
CBI today conducted searches at the Mumbai residence of Acharya, who is the head of mid-corporate wing of SBI, in a case of graft related to disbursal of a loan of over Rs400 crore.
"Gold and jewellery worth Rs67 lakh approximately, locker key, documents pertaining to investments in fixed deposits and other incriminating documents have been recovered from the residence of the deputy managing director.
"An estimated cash of Rs15 lakh, jewellery and other incriminating documents were also recovered from the residence of the chairman of a private company, Piyoosh Goyal. Incriminating documents recovered during searches are being scrutinised for further investigation," a CBI spokesperson said in Delhi.
CBI's Economic Offences Wing in Mumbai had registered cases against Acharya, former SBI official K K Kumarah and chairman of Worlds Window Group Piyoosh Goyal for the alleged graft.
Kumarah was arrested in the case yesterday. CBI investigations have found that Goyal had allegedly applied for over Rs400 crore of corporate loan from SBI but only Rs75 crore was approved.
Kumarah, who had joined Worlds Window Group after leaving SBI as an advisor, allegedly tried to get loans cleared for the company using his contacts in the bank, the agency pointed out.
CBI said Kumarah and Goyal had tracked an arrangement, under which he was to get Rs25 lakh for his services while Acharya would receive Rs15 lakh.
Kumarah allegedly purchased two high-end watches, Rolex and Omega brands, worth about Rs7.75 lakh to be given to Acharya for his alleged favours, they said.
Meanwhile, the agency came to know about this deal and laid a trap. Kumarah, who was coming out from the residence of Acharya after allegedly giving him watches, was nabbed by a waiting CBI team.
Cash of around Rs7 lakh was also recovered from him, the agency said.
Kumarah has been sent to CBI custody till 27 November.
SBI has, meanwhile, constituted an internal panel comprising two MDs to probe the corruption charge against Acharya, who has been asked to go on leave.