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SC rejects bail plea, Kampani faces arrest
The Supreme Court on Monday rejected the anticipatory bail plea of investment banker Nimesh Kampani, wanted in the multi-crore Nagarjuna Finance scam.
The Supreme Court on Monday rejected the anticipatory bail plea of investment banker Nimesh Kampani, wanted in the multi-crore Nagarjuna Finance scam.
The dismissal of the bail plea implies that Kampani can be arrested on his arrival in India. For several months now, Kampani has shifted his base to Dubai. Kampani and other executives of Hyderabad-based Nagarjuna Finance, a non-banking financial company, are under investigation because the firm allegedly failed to return Rs 98.3 crore collected from 85,160 depositors in 1997-98.
Senior counsel Mukul Rohatgi urged the court to grant relief to Kampani and claimed Andhra Pradesh High Court’s order refusing to grant him anticipatory bail was not tenable. The SC bench headed by Justice Altamas Kabir disagreed and dismissed the plea.
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