CBI seizes gold worth Rs 67 lakh, FDs from SBI officer's residence

 PTI   Mumbai     Last Updated: November 26, 2013  | 17:32 IST
SBI asks deputy MD to go on leave amid graft probe

State Bank of India (SBI) on Monday said it has constituted an internal panel comprising two managing directors (MDs) to probe corruption charges against its deputy MD Shyamal Acharya, who has been asked to go on leave a day after his residence was raided by CBI in a graft case related to disbursal of a loan of over Rs 400 crore. The Central Bureau of Investigation (CBI) claimed to have seized gold and jewellery worth Rs 67 lakh from the Mumbai residence of the SBI officer.

"We have been informed by the CBI 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  Sunday night.

"We have also constituted an internal committee comprising two senior managing directors to investigate internally," the statement said.

"Gold and jewellery worth Rs 67 lakh approximately, locker key, documents pertaining to investments in fixed deposits others and other incriminating documents have been recovered from the residence of the Deputy Managing Director. An estimated cash of Rs 15 lakh, jewellery and other incriminating documents were also recovered from the residence of the chairman of the private company, Piyoosh Goyal. Incriminating documents recovered during searches are being scrutinised for further investigation," a CBI spokesperson said in Delhi.

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.

On Sunday, CBI registered a case against Acharya, ex-SBI additional general manager K K Kumarah and Chairman of Worlds Window Group Piyoosh Goyal for alleged graft in disbursing loan of above Rs 400 crore. Worlds Window Group did not respond to email seeking their reaction on the development. Kumarah was arrested on Sunday.

According to CBI, a team of its economic offences wing in Mumbai has registered a case against them for alleged graft.

The agency sources said Goyal wanted a loan of over Rs 400 crore from SBI for his firm when Kumarah got involved.

They said Kumarah assured him of his contacts in the bank through which he could get that loan passed.

Sources said an arrangement was reached between Kumarah and Goyal under which he had to get Rs 25 lakh for his services and Rs 15 lakh for Acharya.

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.

Meanwhile, the agency came to know about this deal and laid down a trap. Kumarah, who was coming out from the residence of Acharya after allegedly giving him watches, was nabbed by the CBI team.

The remaining cash of around Rs 7 lakh was also recovered from him, the sources claimed.

CBI teams carried out searches at the residences of Acharya, Kumarah and Goyal in Mumbai and Kolkata.

Meanwhile, in tandem with a bullish trend in bank stocks, shares of SBI rose as much as 4 per cent. Stock of the country's biggest bank closed 3.69 per cent to Rs 1,804.55  on the BSE.

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