CBI lodges case against SBI Dy MD, 2 others in graft case

A Deputy Managing Director of State Bank of India, a former AGM of the bank and a businessman have been named by CBI in a case of alleged graft in disbursal of loan of above Rs 400 crore.

CBI sources said its Economic Offences Wing in Mumbai has registered a case against Deputy MD of SBI Shyamal Acharya who is also the head of Mid-Corporate wing of the Bank, former SBI official K K Kumarah and Chairman of Worlds Window Group Piyoosh Goyal for alleged graft.

The sources said Goyal had allegedly applied for over Rs 400 crore of corporate loan from SBI but only Rs 75 crore was approved.

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 sources said.

They said an arrangement was reached between Kumarah and Goyal under which he had to get Rs 25 lakh for his services and Rs 15 lakh for Acharya.

Kumarah allegedly purchased two high-end rolex watches worth about Rs 8 lakh to be given to Acharya for his alleged favours, the sources said. Meanwhile, the agency came to know about this deal and laid down a trap.

Kumarah who was coming out from the residence of Acharya after allegedly giving him watches was nabbed by the CBI team. The remaining cash of around Rs 7 lakh was also recovered from him, the sources claimed. Kumarah has been sent to CBI custody till November 27. CBI later carried out searches at the residence of Goyal, Acharya and Kumarah from where "incriminating" documents have been recovered, it claimed.

A senior State Bank of India official said the bank was assessing the situation and would comment only after getting complete facts. Worlds Window Group did not respond to email seeking their reaction on the development.