SBI begins probe of bribery charges against deputy MD Shyamal Acharya

The CBI conducted raids simultaneously at three locations, including offices and residences of Acharya, a former SBI executive K.K. Kumra and Piyoosh Goyal, founder of the Worlds Window Group, a New Delhi-based company, according to CBI officials. Photo: Pradeep Gaur/Mint

 

Mumbai: State Bank of India (SBI) on Monday began an internal investigation into the bribery charges raised by the Central Bureau of Investigation (CBI) against Shyamal Acharya, one of its deputy managing directors.

A two-member committee, consisting of two senior managing directors, is investigating the matter. SBI has also put Acharya on a forced leave following the developments.

Hemant Contractor and A. Krishnakumar are the senior-most among SBI’s managing directors. None of them were available for comments.

The CBI conducted raids simultaneously at three locations, including offices and residences of Acharya, a former SBI executive K.K. Kumra and Piyoosh Goyal, founder of the Worlds Window Group, a New Delhi-based company, according to CBI officials who declined to be named.

Goyal had sought a loan of Rs.400 crore from SBI of which Rs.75 crore was approved. The agency has arrested Kumra in connection with the case.

“We have been advised by CBI that Shyamal Acharya of our bank is being investigated. Acharya has been asked to proceed on leave,” SBI said in a communication.

“We are all shocked. Such instances are unheard in SBI,” said a SBI official, who did not want to be named.

NITESH KUMAR
PGDM 1ST
MINLIVENEWS.COM