Hiten Dalal convicted in Rs 130-cr scam

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 last week.

The three have been found guilty of conspiracy, cheating and falsification of accounts under the Indian Penal Code and Prevention of Corruption Act.

According to the CBI, the trio executed bogus, fictitious and non-existent transactions in 1991 and diverted funds of Rs 130 crore and thereafter criminally misappropriated the proceeds. The court, while convicting the accused, observed that these proceeds were “criminally misappropriated” to Dalal’s account.

Dalal was earlier convicted along with stock broker Ketan Parekh in other cases related to the same scam during the period 1991-92. The CBI has chargesheeted Dalal in over 25 cases in the scam.

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