People who cheat banks and financial institutions can’t be absolved of their crime even if they return the money, Delhi high court has said.
According to the court, people who commit financial fraud must be given the strictest punishment as their crime has the potential of “affecting the economy and its health’’.
“Such offences are preceded by a deliberate design, with an eye on personal gains. In fact, these offences seldom become public as most are done in connivance with government staff in PSUs financial institutions ,” justice VK Jain said. He refused to quash charges against two people who had defrauded MMTC, a government company.
One Rajiv Bakshi had obtained a government sanction for getting 26 kg gold from MMTC. He was to use it to make jewellery and export it within 45 days. However, he made jewellery from 21 kg gold and kept the remaining with his accomplice, Sood. As per rules, Bakshi should have returned it to MMTC.
When MMTC found out, it confronted Sood and Bakshi, who returned the gold. But MMTC took the matter to CBI. In his judgment, justice Jain said “a case of misappropriation of public funds needs to be treated differently from cases of cheating private citizens or misappropriating private funds as the latter do not effect society”.
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