Daijiworld Media Network - Panaji

Panaji, Feb 3: The Panaji District and Sessions Court has discharged former Minister and ex-Chairman of the Goa State Co-operative Bank Ltd., Prakash Shankar Velip, from charges of criminal breach of trust, fraud, and cheating.

The case stemmed from a complaint filed on June 6, 2006, by the general manager (Vigilance) of the Goa State Co-operative Bank Ltd. The economic offences cell had registered an fir against Velip and other Investment Committee members, accusing them of purchasing bonds at higher rates and later selling them at lower rates, allegedly causing a financial loss of approximately Rs 32.72 crore to the bank between 2004-2005.

However, the sessions court, after reviewing the case records, ruled that the evidence presented in the chargesheet failed to establish a prima facie case against the accused. Consequently, it overturned the Civil Judge Senior Division’s order dated May 24, 2022, which had directed framing of charges against Velip.