Mumbai: A special court has convicted stock
broker Hiten Dalal and two former bank officials for siphoning
off funds to the tune of Rs 130 crore from the bank in 1991.
The special court for Trial of Offences Relating to
Transactions in Securities Act (TORTS), presided over by
Justice J H Bhatia of the Bombay High Court, convicted and
sentenced Dalal, R Dhankumar and S P Kamat, both former
managers of Andhra Bank, to two years rigorous imprisonment
The trio have been found guilty of conspiracy, cheating
and falsification of accounts under the Indian Penal Code and
Prevention of Corruption Act.
According to CBI, the trio executed bogus fictitious and
non-existent transactions in 1991 and diverted funds up to the
tune of Rs 130 crore and thereafter criminally misappropriated
The court, while convicting the accused, observed that
these proceeds were "criminally misappropriated" to Dalal`s
Dalal was earlier convicted along with stock broker Ketan
Parekh in other cases related to the same scam during the
CBI has chargesheeted Dalal in over 25 cases in the scam.