Gold worth Rs. 67 lakh seized from top SBI banker

Gold worth Rs. 67 lakh seized from top SBI banker
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Gold worth Rs. 67 lakh seized from top SBI banker, A search conducted by CBI at the Mumbai residence of SBI Deputy MD Shyamal Acharya yielded gold and jewellery worth Rs. 67 lakh.

Mumbai/New Delhi: A search conducted by CBI at the Mumbai residence of SBI Deputy MD Shyamal Acharya yielded gold and jewellery worth Rs. 67 lakh. The deputy MD and others were booked by the agency in a graft case pertaining to disbursal of a loan of over Rs. 400 crore.

Mr Acharya who is also said to be the head of Mid-Corporate wing of the Bank, is booked along with former SBI official K K Kumarah and Chairman of Worlds Window Group Piyoosh by CBI's Economic Offences Wing for alleged graft.
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.
A CBI spokesperson said in Delhi "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,"
Mr Kumarah was arrested in the case yesterday. The agency said that Mr Goyal had allegedly applied for over Rs. 400 crore of corporate loan from SBI but only Rs. 75 crore was approved.
Mr Kumarah, who had joined Worlds Window Group after leaving SBI as an advisor, allegedly tried to get loans cleared for the company using his contacts in the bank, the agency said.
CBI said an arrangement was reached between Mr Kumarah and Mr Goyal under which he was to get Rs. 25 lakh for his services and Rs. 15 lakh for Mr Acharya.
Mr Kumarah allegedly purchased two high-end watches, Rolex and Omega brands, worth about Rs. 7.75 lakh to be given to Mr Acharya for his alleged favours, they said.
Meanwhile, the agency came to know about this deal and a trap was laid. Mr Kumarah, who was coming out from the residence of Mr Acharya after allegedly giving him watches, was nabbed by a waiting CBI team.
The remaining cash of around Rs. seven lakh was also recovered from him, the agency said.
Mr Kumarah has been sent to CBI custody till November 27. Meanwhile, the SBI said it has constituted an internal panel comprising two MDs to probe the corruption charge against Mr Acharya, who has been asked to go on leave.
Worlds Window Group did not respond to email seeking their reaction on the development.
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