Senior bankers get up to 4 yrs jail in 1992 securities scam
Five people, including senior bank officials, have been convicted and awarded varying jail terms in the 1992 securities scam. The convicted "knowingly" made fraudulent transactions between private firm FFSL and Andhra Bank subsidiary ABFSL between 1991-1992. FFSL needed funds and the convicted facilitated borrowings without ensuring that transactions were made against credible securities of FFSL.