The Supreme Court has held leading stock broker Hiten P Dalal guilty of criminal conspiracy and receiving stolen property and sentenced him to six months of rigorous imprisonment with a fine of Rs 50,000 for his involvement in the 1992 Securities Scam in which public sector banks were defrauded of crores of rupees.
A bench comprising Justices S B Sinha and Cyriac Joseph also sentenced three officers of Andhra Bank to six months imprisonment with a fine of Rs 5,000 for the offences of criminal conspiracy and criminal breach of trust.
The officers are Rachakonda Dhankumar, Suratkal Kamat and Ramesh Vardaya Shenoy.
Justice Sinha speaking for the bench in a 110 page judgment, however, expressed helplessness imposing a higher sentence since the CBI has not appealed against the quantum of sentence awarded by the special court, Mumbai.
The apex court, however, acquitted accused No 5 Mir Nagvi Askari of all the charges. It also quashed the charges of forgery and criminal conspiracy against all the accused.
