Nagpur: A magistrate’s court here on Friday sentenced Congress MLA and former Maharashtra minister Sunil Kedar to 5 years’ imprisonment for misappropriation of funds at the Nagpur District Central Cooperative Bank (NDCCB).
Additional Chief Judicial Magistrate J V Pekhle-Purkar pronounced judgement in the case which dates back to 2002. Among other provisions, Kedar was held guilty under Indian Penal Code section 409 (criminal breach of trust by a public servant).
As per the prosecution, the NDCCB lost Rs 125 crore in government securities in 2002 as rules were flouted while investing funds through Home Trade Securities, an investment firm. Kedar was then chairman of the bank.
n November 2019, the trial court concluded the formulation of charges related to criminal breach of trust, misappropriation, forgery, and criminal conspiracy in the NDCCB scam.
Sunil Kedar, who was the Saoner MLA at the time, along with eight others, was implicated in the case.
Charges were framed under sections 406, 409, 468, 471, 120-B, and 34 of the Indian Penal Code against them. Kedar served as the Chairman of NDCCB during the 2002 scam.
Other persons facing charges include stock-broker Ketan Seth from Mumbai, Mahendra Agrawal, Shreeprakash Poddar, former GM of NDCCB K D Chaudhari, then chief accountant Suresh Peshkar, Subodh Bhandari, Kanan Mewawala, Nandkishor Trivedi, and Amit Verma. The Criminal Investigation Department (CID) had filed a chargesheet against all the accused before the Chief Judicial Magistrate (CJM) on November 22.
