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Drumbeat: Ad Buzzaar
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Monday, August 24, 1998
CBI files case against former P&S Bank CMD
Raman Kirpal
NEW DELHI, August 23: The Central Bureau of Investigation (CBI) has filed a criminal case against former Chairman and Managing Director (CMD) of Punjab and Sind (P&S) Bank, K S Bains, accusing him of showing favours to a Mumbai-based firm by buying Rs 2 crore worth shares from it and then accepting over Rs 10 lakh as bribe. Four others, including two senior bank officials, have also been accused in the case.According to the CBI's FIR, Bains received Rs 10.40 lakh from M/s Guru Kirpa Developers Pvt Ltd. This is a ``dummy company floated in the name of M/s Jagarati Business Machines Ltd'' from which P&S Bank had bought shares at the instance of Bains, the FIR alleges. Bains and the others are also accused of destroying some files with incriminating evidence against them. The other two bank officials are the bank's general manager Gurpal Singh of New Delhi and former branch manager (Mumbai) M S Pal. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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