State Bank of India’s two-member internal enquiry committee seems to have exonerated Deputy Managing Director Shyamal Acharya of the allegations of wrongdoing in the sanction of a Rs 75-crore loan to a Delhi-based company.
The internal enquiry committee, comprising Managing Directors Hemant Contractor and A. Krishna Kumar, concluded that sanction for the loan by the credit committee headed by Acharya “appears to have been given in the ordinary course of business”.
The bank has submitted the internal enquiry report to the Department of Financial Services, said a bank spokesperson.
The committee was set up immediately after the Central Bureau of Investigation (CBI) on November 25 registered a case of alleged graft against SBI Deputy Managing Director, Mid-Corporate Group, Shyamal Acharya, Chairman of a New Delhi-based private company and others.
CBI, in its press release last month said the DMD allegedly influenced his office to process the loan application of the private company and got the loan of Rs 75 crore sanctioned.
CBI’s allegations
“After sanction of the said loan, the Chairman of the said private company allegedly paid Rs 25 lakh to his Advisor (a former SBI official) as reward and also paid Rs 15 lakh to him for further giving it to the DMD as reward.
“After receipt of the said amount of Rs 15 lakh, Advisor (former AGM, SBI) allegedly purchased one Rolex and one Omega wrist watch worth Rs 7.75 lakh (approximately) and visited the office of the SBI DMD at Mumbai and delivered the said two wrist watches to him,” said the CBI.
According to the Bureau, upon delivery of the wrist watches, the Advisor (former SBI official) was apprehended by the CBI.
The two wrist watches were recovered from the DMD’s office cabin.
CBI said searches at residential and office premises of the accused were conducted.
(This article was published in the Business Line print edition dated December 7, 2013)
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