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

The securities scam rocked the BSE in 1992.
  • 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.

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