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Ex-bankers sentenced to 4 years imprisonment in Mehta stock market scam


By NewsGram News Desk

A special court on Thursday convicted MS Srinivasan of the State Bank of Saurashtra (SBS) and R Sitaraman of State Bank of India (SBI) over criminal breach of trust and misappropriation of public funds in the 1992 Harshad Mehta stock market scam after observing that the accused persons’ acts can be termed as ‘anti-national’.

The duo held the post of chief manager of Funds Management Cell (FMC) and bank officer in the securities division of State Bank of India (SBI) respectively. Charges have been out under various sections of the Indian Penal Code (IPC) for criminal breach of trust by a public servant and under the Prevention of Corruption Act for dishonestly and fraudulently misappropriating funds of SBS and SBI.

Srinivasan and Sitaraman are sentenced for four years of rigorous imprisonment and a compensation of Rs 5 crore. The court observed that the duo caused tremendous loss aggregating to several hundreds of crores to SBS and SBI unbefitting their position as public servants responsible to the public exchequer.

“In this case, the complainant, the victim, the accuser is (representing) the country at large. It is the coffers of public financial institutions that have been swept clean,” Justice Dalvi said.

“They (Srinivasan and Sitaraman) have degraded themselves by misappropriating public property for illegal and criminal ends, causing enormous monetary loss to the public exchequer. Their acts can well be termed as anti-national as such acts had caused a tremendous economic strain and drain upon the country resulting in the scam of 1992,” Justice Dalvi said, adding the accused not only corrupted themselves but corroded the country.



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Twitter working to fix cryptocurrency scam issue

On seeing that the threads were posted by "verified accounts", people fell in the trap and lost digital assets

Twitter to curb cryptocurrency frauds.
Twitter to curb cryptocurrency frauds.
  • Twitter to curb copycat handles
  • This will help is curbing scams related to cryptocurrency
  •  Many people have lost assets due to fake accounts

As the issue of copying verified Twitter accounts to trick cryptocurrency users is becoming increasingly prevalent, the microblogging company has said that it is working to curb these copycat handles.

Twitter working to eliminate fake accounts. VOA
Twitter working to eliminate fake accounts. VOA

Company CEO Jack Dorsey on Tuesday replied to a tweet that complained about the ongoing cryptocurrency scam on Twitter in which several users have been tricked and their digital assets were stolen.

“We are on it,” Dorsey replied to a user who questioned the CEO if the company was taking note of it, reported. On February 26, Dorsey had said that his company was aware of the issue and they “are fixing” the problem.

Also Read: Twitter rolls out Bookmarks feature globally

Several users have been complaining about being duped on Twitter by fraudulent offers that promise a huge amount of Ether cryptocurrency in return for small initial deposits. These offers are being made by accounts that mimic well-known industry members and have a “blue tick” (verified account).

As a preventive measure, Twitter had banned several accounts, including the support team for cryptocurrency exchange Kraken despite they tried to warn others about the scam. On Tuesday, the ban on Kraken’s customer support handle was lifted.

“Good news, guys! @krakensupport is back! Strange that our initial appeal was also apparently handled by an automated system. Thank you all for your public outrage. Stay vigilant,” it announced.

Many people lost digital assets due to fake accounts on Twitter.
Many people lost digital assets due to fake accounts on Twitter.

According to the report, the scam began after an influencer posted a tweet regarding a fraudulent offer which was followed by similarly designed accounts.

In order to make the posts seem more legitimate, the spam accounts posted supportive messages, claiming that they have received the returns. On seeing that the threads were posted by “verified accounts”, people fell in the trap and lost digital assets. IANS

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