THE Special Judge for Central Bureau of Investigation (CBI) cases has convicted noted share broker Ketan Manharlal Parekh. The court has sentenced him to undergo two years rigorous imprisonment with total fine of Rs.50, 000.
According to press note issued by CBI, a case was registered against the then Senior Manager of NRI Cell & Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others. It was alleged that the accused had abused their official position while functioning as such during 1989-1991 and conspired with a private person Parekh.
The accused had cheated by obtaining the duplicate debentures in lieu of originals and by pledging the original debentures of a leading private Company in the name of two NRIs which were purportedly lost from Safe Custody Department, Bank of Baroda, Mumbai Main office and availed loan facilities in the name of four associate firms of Parekh, thereby causing loss to Bank of Baroda.
A charge-sheet was filed on April 28, 2000 in the Court of Special Judge, Mumbai under sections 120-B r/w. 409, 420 of IPC and Sections 13(2) r/w. 13(1) (d) of PC Act, 1988 against the four accused.
The Trial Court found the accused Parekh (Share Broker) guilty and convicted him. The other three public servants were acquitted by the Court.