Charges framed against Big Bull

Charges framed against Big Bull
Press Trust of India

New Delhi, Feb 17: A Delhi court today framed charges against Big Bull Harshad Mehta, his brother Ashwin Mehta and two others in a securities scam case related to Rs 680 crore ONGC funds during 1989-1991.

Special Judge Ajit Bharihoke framed the charges against Mehta brothers, UCO Bank official V N Dosthali and ONGC Official M C Nawalakha for criminal breach of trust and corruption.

Charges against Mehta brothers were framed under Sections 120-B (criminal conspiracy), 409 (criminal breach of trust) and 109 (abetment) of IPC, while UCO Bank Assistant Manager V N Dosthali and ONGC Member (Finance) M C Nawalakha were charged under Section 120-B of IPC and various provisions of the Prevention of Corruption Act.

All the accused, who were present in the court, however, pleaded not guilty and said they would face trial.

According to the CBI chargesheet, between February 1989 and March 1991, the accused allegedly entered into a criminal conspiracy to make illegally and dishonestly available Rs 680 crore surplus funds of ONGC to Harshad Mehta for investment in the securities with UCO Bank.

The ONGC funds were credited in Mehta’s account No 1028 with the UCO Bank, Hanuman Street Branch, Mumbai and in pursuance of the conspiracy Nawalakha “dishonestly approved such proposal for investment”, CBI alleged.

Deosthali allegedly helped Mehta brothers in diverting the funds to their accounts.

The two officials thus abused their official position as public servants and made the money available to Mehta knowing fully well that the same would be used by Mehta for himself, CBI alleged.

The agency further alleged that ONGC funds for purchase of securities from UCO Bank were made available to Mehta through State Bank of India cheques between July 4, 1989 and March 6, 1991.