Syndicate scam: Court denies bail to Arun Agarwal | business | Hindustan Times
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Syndicate scam: Court denies bail to Arun Agarwal

business Updated: Sep 09, 2014 01:00 IST
HT Correspondent
HT Correspondent
Hindustan Times
Bhushan Power

The CBI court on Monday rejected Bhushan Power and Steel employee, Arun Agarwal’s bail plea after he claimed that he was wrongly booked in the Syndicate Bank bribery scandal as a Bhushan Steel employee.

“The intercepted conversations point out his role in the conspiracy,” the court said.

The court also denied bail to co-accused Vijay Pahuja, an alleged middleman who helped collect the bribe amounts on behalf of Syndicate Bank CMD SK Jain.

Special Judge (Central Bureau of Investigation) Swarana Kanta Sharma, who dismissed the two bail applications, said it was not prudent to grant bail to the two
accused while CBI’s “investigation was at a crucial stage and a co-accused, Purushottam Totlani, was still absconding.”

The court also noted that the agency had yet to take voice samples of some of the accused, and several material witnesses still needed to be examined to discover details of the scam.