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Bullion scam: Bail pleas turned down Saturday, May 19, 2001

Ahmedabad May 18: The court on Friday rejected the bail applications of the three accused in the cheating case with the overseas branch of SBI.

Special CBI judge H.D. Antani rejected the bail application of accused Suresh Gautecha, Naresh Chokshi and Jignesh Chokshi who were involved in Classic Cooperative Bank scam case and were arrested by CBI in last week of March.

SBI DGM vigilance Mr M.M. Sharma had filed the complaint with the CBI saying that the accused had cheated the overseas branch of the SBI in Ahmedabad of Rs 4,726 crore by giving bogus pay orders of classic cooperative banks and procuring gold from the branch.

The accused were arrested by the CBI after the bank authorities filed a complaint. The CBI in its investigation found out that the firm of the accused K.L. Chokshi had no money in its accounts with the Classic Cooperative Bank. However, the bank issued the pay orders for the firm to procure gold from the SBI.

The accused took the gold from the SBI and no payment was made for the same. The judge after listening to the arguments from both the sides ruled that it was a serious case and bail to the accused would create set a wrong precedent.

News Source : The AsianAge Ahmedabad Edition [ The coolest Newspaper for city ]

 

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