Leading stockbroker Hiten Dalal and three others were on Friday convicted by a special court in Mumbai and sentenced to seven years of rigorous imprisonment for bungling in the Canbank mutual funds.
The court in Mumbai sentenced Dalal, another stockbroker Awaid Narrattom, the then assistant general manager of Canbank, Anil Narichnya and an official of the Bank of Karrad C S Raje besides slapping a fine of Rs 30,000 each, a CBI spokesman said.
The four were found guilty of bungling in the mutual fund issue of the Canbank, which came to light during investigations into the securities scam in early 1990s.