Harshad Mehta Scam: Four Ex-Bank Officials Get 3-Year Jail Terms

The securities scam rocked the BSE in 1992.

1 min read
Harshad Mehta, the kingpin of the scam, passed away in 2001. (Photo: iStock)
  • Four former bank officials have been handed three-year jail sentences in the 1992 Harshad Mehta securities scam, in addition to a fine of Rs 5,000 each.
  • On Tuesday, Special Judge HS Mahajan convicted MS Srinivasan (former Funds Manager of State Bank of Saurashtra), Vinayak Deosthali (former Assistant Manager of UCO bank), R Sitaraman (an official from SBI's security wing) and PA Karkhanis (former Senior Manager, UCO Bank).
  • Mehta was convicted by the Bombay High Court and the Supreme Court for his part in a financial scandal valued at Rs 49.99 billion which took place in the Bombay Stock Exchange in 1992.

Join The Quint on WhatsApp. Type “JOIN” and send to 9910181818

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!