SBI panel to probe graft charges against deputy MD: All you need to know

CBI has registered a case against a Deputy Managing Director of State Bank of India, a former AGM of the bank and a businessman for alleged graft in disbursing loan of above Rs 100 crore.

CBI sources said a team of Economic Offences Wing in Mumbai has registered a case against Deputy MD Shyamal Acharya who is also the head of Mid-Corporate wing of the Bank, former Assistant General Manager K K Kumarah and a businessman Piyush Goyal for alleged graft.

Why a case against Acharya and others?

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Businessman Piyush Goyal reportedly wanted a loan of over Rs 100 crore from SBI for his firm when Assistant General Manager K K Kumarahgot involved. They said Kumarah assured him of his contacts in the bank through which he could get that loan passed. Kumarah allegedly demanded Rs 25 lakh as bribe for himself and an undisclosed amount for Acharya from Goyal to get this loan passed.

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Kumarah allegedly purchased two high-end Rolex watches worth about Rs 8 lakh to be given to Acharya for his alleged favours, the sources said.

On the basis of source information, a team of the agency laid trap and carried out searches during which Kumarah was arrested with money.

What the CBI said:

According to ET sources, CBI has conducted raids at Acharya’s residence in Mumbai and Kolkata and has found two watches worth Rs 18,000. CBI sources say that Acharya holds a number of Benami properties. Sources also say that CBImay arrest Acharya ‘if needed’.

According to a Bloomberg report, CBI called SBI’s GM Biswal, who was also involved in disbursing loan to Goyal,for further interrogation.Acharya allegedly pressurised Biswal to sanction loan early and was constantly in touch with KK Kumra, say CBI sources.

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What SBI said:

SBI today said it has constituted an internal panel comprising two MDs to probe the corruption charge against its deputy MD Shyamal Acharya, who has been asked to go on leave a day after his residence was raided by CBI.

“We have been informed by the Central Bureau of Investigation that Shyamal Acharya, deputy managing director and group executive (mid corporate groups) of our bank is being investigated. Acharya has been asked to proceed on leave,” State Bank of India said in a statement.

Though the statement did not name the MDs in the probe panel, it has been learnt that Hemant G Contractor, who is the MD and group executive for international banking, and A Krishna Kumar, MD and group executive for national banking, are the members.

The spokesman did not say when the report will be submitted by the panel, which was constituted last night. SBI said it stands committed to probity in its dealings and assured that it will continue to hold highest standards of honesty and transparency in its operations. The statement also said the bank is cooperating with the investigating agency in the probe.

With agency inputs