Special court rejects Sharma’s bail plea

The special Central Bureau of Investigation (CBI) court on Tuesday rejected the bail application filed by the prime accused in the alleged bribe-for-loan scam.

The special Central Bureau of Investigation (CBI) court on Tuesday rejected the bail application filed by the prime accused in the alleged bribe-for-loan scam.

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Special CBI judge SP Tavade remanded Rajesh Sharma, CMD of Money Matters, in judicial custody until January 4.

Senior counsel Harshad Ponda, appearing for Sharma, said: “All the relevant documents have been collected from the beneficiary companies as well as houses of the accused have been raided. Why do they need Sharma's [judicial] custody now?" argued Ponda.

The CBI submitted excerpts from the case diary prepared by investigating officer SP Rana and contended that there was a need for further investigation. "Crimes of this nature are complex and we need to investigate thoroughly," said special CBI prosecutor Ejaz Khan.

The special court also adjourned the hearing of anticipatory bail application filed by Sharma. The CBI had arrested Ramchandran Nair, chief executive officer of LIC (finance), Naresh Chopra secretary (investment) LIC, RN Tayal, general manager of Bank of India, Maninder Singh Johar, director (Charted Accountant) Bank of India, Venkoba Gujjal, deputy general manager of Punjab National Bank, Sharma and his two employees on November 24 for their alleged involvement in a cross-country housing loan racket.