JOIN USA Delhi court has sentenced an elderly author and businessman to three years jail term for cheating a bank to get loan and other credit facilities in a two-decade-old corruption case.
The court sentenced K G Sharma, 61, to three years jail term and slapped a fine of Rs 1.75 lakh after he sought leniency on the ground that he is a “renowned scholar”, a “social scientist” and author of 42 books.
The court had convicted Sharma, an engineer, for conspiring with the then branch manager J S Bindra of erstwhile New Bank of India, now Punjab National Bank, who expired during the pendency of the case, to get loans without fulfilling required criteria for setting up business and getting bill discounts during 1986-1989.
The Central Bureau of Investigation had accused them of causing a loss of Rs 32 lakh to the bank. The agency had also named Raman Chadha, a businessman, as accused in the case but the court acquitted him saying the CBI had failed to prove that he committed any criminal offence.
The court, however, said the prosecution has proved its case against Sharma “beyond reasonable doubts”.
“This court is of the opinion that prosecution has proved its case beyond reasonable doubts against accused K G Sharma for commission of offence under section 120 B (criminal conspiracy), 420 (cheating), 467 (forgery of valuable security) and 471 (using a forged document as genuine) of IPC,” special judge V K Maheshwari said.
The court also convicted Sharma under the Prevention of Corruption Act.
The CBI had alleged that Sharma in conspiracy with others obtained pecuniary advantage by availing credit facilities in favour of his firm R K Udhyog without procuring a required fixed deposit of Rs 15 lakh, which was a special condition in the loan agreement.
It alleged without purchasing any machinery, Sharma got 11 bill discounts sanctioned by Bindra through forged signatures of proprietors firms from where he was to buy the same.
The CBI said Sharma presented nine forged bills which were discounted by Bindra even when these bills were dishonoured and not paid by the parties.