High Court grants bail to Andhra Bank ex-official
New Delhi, Aug 6 : The Delhi High Court on Monday granted bail to a former director of the Andhra Bank arrested in a Rs 5,000 crore fraud case involving Gujarat-based pharmaceutical company Sterling Biotech.
Justice Mukta Gupta allowed bail plea of Anup Prakash Garg asking him to furnish a personal bond of Rs two lakh with two surety bonds of the like amount.
The court imposed condition on Garg that he will not leave the country without permission. The court also directed him that he will neither directly nor indirectly influence the witnesses nor interfere in further investigation.
Garg has sought the bail saying he was arrested by the Enforcement Directorate on January 12, after a case was filed against him under the Prevention of Money Laundering Act (PMLA) and he has been in custody since then.
Both the ED and the Central Bureau of Investigation (CBI) named Garg as an accused in criminal cases. The ED initiated a money laundering probe taking cognizance of the CBI FIR.
The CBI booked Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, Chartered Accountant Hemant Hathi, Garg and some unidentified persons in connection with the alleged bank fraud.
Sterling Biotech had taken loans of over Rs 5,000 crore from a consortium of banks led by Andhra Bank which had turned into non-performing assets. Total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016, said the CBI FIR.
The ED said that during the probe, it found that "certain entries" in a diary seized by the Income Tax Department in 2011 showed cash payments amounting to Rs 1.52 crore made to one "Garg, Director, Andhra Bank" between 2008 and 2009 by the Sandesara brothers.
The agency accused Garg of infusing several crores of rupees of his unaccounted cash in various companies through Kolkata-based bogus shell companies with the help of cash or cheque entry operators in Kolkata to launder the money.
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CPI(M) rebel Kunhikrishnan hopes for 5,000-vote win in Payyanur
Kannur (Kerala) (PTI): CPI(M) rebel candidate V Kunhikrishnan, who contested as a UDF-backed Independent from Payyanur here, on Saturday said he was hoping to win the Assembly election by a margin of 5,000 votes.
Kunhikrishnan was expelled from the CPI(M) earlier this year after raising allegations of corruption in the party’s martyrs’ fund against sitting MLA T I Madhusoodanan.
Speaking to a TV channel, Kunhikrishnan said he had announced his candidature as a mark of protest and not with expectations of victory.
However, he said the situation had changed drastically, with a strong undercurrent within CPI(M) votes favouring him.
"The undercurrent in CPI(M) votes cannot be measured. Now people are giving a response indicating victory with a margin of at least 5,000 votes," he said.
Payyanur is considered a CPI(M) stronghold, and a defeat for Madhusoodanan there would be a major setback for the party.
On political violence in Payyanur, Kunhikrishnan said he had been facing it since filing his nomination.
"The people leading this violence should think about how long they can continue it. It is the police which has to take the initiative to stop this violence as part of maintaining law and order. But the police are not intervening at the required level," he said.
Regarding his political future, Kunhikrishnan said efforts were underway to strengthen Left groups, and discussions were being held across Kerala in that regard.
"After discussing with others, a decision will be taken," he said.
Kunhikrishnan is among six former CPI(M) leaders who either exited the party or were suspended before contesting for the UDF in the April 9 Assembly elections.
Elections to the 140-seat Kerala Assembly were held on April 9, and the counting of votes will be held on May 4.
