CENTRAL BUREAU OF INVESTINGATION Vs. COODLI RAVIKUMAR

JUDGEMENT

(1.) This Special Case is pertaining to the offences relating to transactions in securities, which popularly came to be known as 'Securities Scam of the Year - 1992' and which has rocked the economy of the country. Accused No.4-Harshad S. Mehta, since deceased, (for short, Accused No.4-HSM ), is said to be the kingpin of the said scam, who has, according to the prosecution case, in connivance with the Officers of National Housing Bank, State Bank of India and various other Banks and Financial Institutions, illegally siphoned-off crores of funds of the Banks and Financial Institutions for speculative returns by systemic and deliberate abuse of the system.

(2.) Accused No.1-Ravikumar and Accused No.2-Suresh Babu in this case, at the relevant time of incident, were Assistant General Manager and Assistant Manager, respectively, of the National Housing Bank, (for short, NHB ), established under the National Housing Bank Act, 1987, (for short, the NHB Act ). Accused No.1-Ravikumar was in-charge of the Fund Management Group, (for short, FMG ), which was established to deal with the transactions of the securities for deployment of the funds of the NHB.

(3.) Accused No.3-Sitaraman was the Officer of the State Bank of India, (for short, SBI ), who, at the relevant time, was handling these securities transactions with various other Banks and Brokers.