The Supreme Court has also ruled against State Bank of India (SBI) over MVR 18 million that was stolen from a joint account of the three Sheesha brothers, stating that the bank should bear responsibility.
The money was stolen from the account shared by Ahmed Hassan Manik, Ibrahim Husham and Hussain Husham, who own Sheesha Pvt Ltd, in 2011. A total of MVR 18 million was transferred to another account via the use of counterfeit documents on two counts.
The Civil Court and High Court had both ruled that SBI should pay the still missing MVR 13.5 million to the Sheesha brothers. The apex court upheld the same verdict on Tuesday.
The lower courts had found SBI guilty of negligence in the case, pointing out that the bank had transferred the money after receiving two faxes, but had failed to note that the names and signatures on them did not match.
The Sheesha brothers had initially also sought compensation of MVR 4.5 million for the damages caused to the company over the stolen money. However the Civil Court had refused, noting that the joint account had not been under the company name but the three brothers'. The court further highlighted that the company is a separate entity from the stakeholders, as per the Companies Act.
The state has also levied criminal charges against some SBI staff and other entities in connection with the case. The trials are currently underway in the Criminal Court.