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The Special Court, Mumbai, constituted under the special
act of Trial of Offenses Relating to Transactions in Securities
(TORTS) Act 1992, of Justice S.K.Shah convicted five accused
persons in one of the security scam cases of 1992. The persons
convicted include two officials from National Housing Bank
(NHB), one from the then ANZ Grindlays Bank, two associates
of Harshad Mehta and brother of late Harshad Mehta, Sh. Sudhir
Mehta. The case was investigated and the accused chargesheeted
by the CBI in the year 1994. The case involved a loss of Rs.
506 crore by NHB in security transactions with the late Harshad
Mehta. CBI during investigation found that the accused officials
of National Housing Bank had entered into a criminal conspiracy
with Late Harshad S.Mehta and his associates during 1991-92
to defraud NHB to the tune of Rs. 506 crore approximately.
The accused officials manipulated records of NHB in such a
way so as to cause flow of funds from NHB to ANZ Grindlays
Bank under the cloak of securities transactions which never
took place. The amount so remitted by NHB were fraudulently
credited to the account of late Harshad S. Mehta.
In the sentence pronounced today, the Court convicted Sh.
S. Ravikumar, Asst. General Manager, NHB to two years of Rigorous
Imprisonment (RI) and fine of Rs. 42,000/-; Sh. S. Suresh
Babu, Asst. Manager, NHB to one year of RI and fine of Rs.
48,000/-; Smt. Mohana Subramanian, Asstt. Manager, ANZ Grindlays
Bank with a fine of Rs. 30,000/-; Sh. Atul Parekh, Employee
of Harshad Mehta with a fine of Rs. 10,000/- and Sh. Sudhir
Mehta with a fine of Rs. 25,000/-, Sh. Pankaj Shah an associate
of Late Harshad S.Mehta and Smt. Jeroo Dalal, Officer, ANZ
Grindlays Bank were acquitted. The case against Late Harshad
Mehta abetted due to his death during trial.
It is the 12th security scam case in which judgment has been
pronounced. Out of the 12 decided cases the CBI has secured
conviction in 10 cases.
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