The Special Central Bureau of Investigation (CBI) court, on Tuesday, rejected the bail of the chairman of Pen Co-operative Urban Bank for his alleged involvement in the Rs 480-crore scam.
Six persons allegedly exported gold jewellery worth Rs 600 crore to UAE using forged documents in collusion with officials of Metal Scrap Trading Corporations (MSTC) Ltd.
Shirish Dharkar, chairman of Pen Co-operative Urban Bank and director of Space Mercantile Ltd; his wife Gulraina Omar; Rahis Ahmed, consultant and partner of Strategic Consultancy; Jayesh Desai, owner of Joshi Bullion Gems and Jewellery; Ramamurthi Mani, owner of M/S Great Aid and Prem Kumar Sharma, former director of Pen Co-operative Bank, were arrested by the CBI on November 26.
“The court rejected the bail of Dharkar who is the alleged kingpin in the scam,” said special CBI prosecutor Suresh Badami. However, the court granted bail to Omar, Ahmed, Desai, Mani and Sharma.
According to CBI, six firms had taken advances from MSTC worth Rs 600 crore to generate liquidity. The CBI said Rs 120 crore was sent to MSTC, but the rest of the money was not remitted within the stipulated period.
The CBI had said that Desai received the gold under instructions from Dharkar and Sharma. CBI also said that Desai later sold the gold in the open market in the UAE.