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CCB scam: Court denies bail Sunday, June 17, 2001
Ahmedabad, June 15: CBI special judge H.B. Antani once again rejected the bail application of Classic Cooperative Bank manager Suresh Gadhecha and the father-son duo of Naresh and Prashant Choksi of the K.L. Choksi firm in the Rs 47.26 crores pay order fraud and cheating case.
The three had filed for bail on medical grounds. It may be recalled that the court had earlier rejected their bail application on May 18, 2000. Gadhcha had cleared the pay orders of Rs 47.26 crores of the K.L. Choksi firm to allow its partners to take gold worth the amount from the overseas branch of the state bank.
Later, when the SBI had sent the pay order for collection, the Classic Bank had sent it back due to lack of funds. The deputy general manager (vigilance) of the overseas branch had filed a complaint with the CBI on the basis of which the CBI had arrested the Gadhecha and Choksi.