Citibank fraud: Court rejects bail plea of Puri’s father, aide
A city court on Friday refused to grant bail to Raghuraj Puri, father of Shivraj Puri who is facing trial for masterminding the Rs 405-crore Citibank investment fraud, and his associate Rajendra Chand. HT reports.india Updated: Apr 09, 2011 00:36 IST
A city court on Friday refused to grant bail to Raghuraj Puri, father of Shivraj Puri who is facing trial for masterminding the Rs 405-crore Citibank investment fraud, and his associate Rajendra Chand.
The duo has been sent to judicial custody for 14 days.
Raghuraj Puri, 61, was the managing director of Normans Martin Brokers Private Limited. His son Shivraj has been facing trial after being arrested on December 30.
Raghuraj and his wife Deeksha Puri had joined investigation in the multi-crore fraud after the court rejected their anticipatory bail.
According to sources, the Puri family and their associates have conducted transactions worth around R100 crore with Normans Martin while the remaining R300 crore were invested in the stock market.
The police now want to recover at least R100 crore by interrogating Puri's father and his aide. After their arrests on Monday, Puri senior’s lawyer had applied for bail on medical grounds while his associate Rajendra Chand sought bail for being the sole earner to his family. Chand's lawyer contended that there was no one to look after his 92-year-old mother and also argued that money recovered from Chand's bank account was his own money and had no connection with the alleged fraud.
However, the court of Chief Judicial Magistrate DS Yadav rejected their appeals and sent them to judicial custody till April 22. On Tuesday, the court had sent them to two days judicial custody.