Bail for money fraud accused continues

HYDERABAD: Justice C. Sumalatha of the Telangana High Court on Wednesday reinforced an earlier order of anticipatory bail granted in favour of Narendar Kumar Patel, a director of Jay Ambe Gowri Chem Ltd. The petitioner is the prime accused in a Rs. 100-crore bank loan fraud. The petitioner was earlier granted anticipatory bail in April 2021 by the court. On an appeal by the Central Bureau of Investigation, the Supreme Court directed the High Court to decide the matter after hearing both parties. In the course of arguments, the counsel for the petitioner submitted that the petitioner was granted bail in similar cases and the CBI was granted custody for investigation for 12 days. As the investigation was completed, it was contended that the bail should be made absolute. The counsel for CBI argued that crucial documents were yet to be collected from the petitioner and that the wife of the petitioner, presently residing in the USA and one of the accused in the case, will return to India if the petitioner’s application was rejected. After hearing both sides at length, the judge observed that as four years already lapsed from the date of the complaint and the investigation was completed, there was no need to send the petitioner to jail. It may be recollected that the petitioner was alleged to have defrauded the State Bank of India to the tune of Rs. 65 crore. Investigation in this case point to the diversion of funds and withdrawals in cash, while the company removed stocks without the bank’s consent and submitted disputed properties as collateral security.

HC tells Nacharam cops to stop interfering with finance firm

Justice B. Vijayasen Reddy of the Telangana High Court on Wednesday directed the Nacharam Police to follow the due process of law, hearing a writ petition filed by Manapuram Finance Limited, which alleged police interference in its day-to-day affairs. The petitioner said that the police, on information that stolen gold was pledged with the company, were daily visiting the office of the petitioner, and threatening them to release the gold. The counsel for the petitioner argued that the loan was given after following the procedure, which includes verifying KYC, identity and undertakings from its customers. The court, while observing that police have to follow due process, directed the police not to interfere unless authorised by law.

HC reserves bail plea judgment in money laundering case

Justice K. Surender of the Telangana High Court on Wednesday reserved a verdict in a bail application filed by Sanjay Raghunath Agarwal, who is charged with money laundering incites of proceeds from a crime pertaining to a pharma company based in Dubai. Senior counsel S. Niranjan Reddy, appearing for the petitioner, dubbed the Enforcement Directorate as “the new monster”, and said that his client was not guilty of the said offences. He pointed out that the amount was traceable to a loan and therefore, was not proceeds from a crime. It was alleged that the petitioner conspired with another party. The judge heard the Deputy Solicitor General of India and reserved the judgement.

PIL on Hussainsagar constructions disposed of

A two-judge panel of the Telangana High Court, comprising Chief Justice Ujjal Bhuyan and Justice C.V. Bhaskar Reddy on Wednesday disposed of a PIL filed by Soul Save Our Urban Lakes. The PIL was filed over the actions of GHMC authorities in constructing permanent structures in Hussainsagar lake, opposite Sanjeevaiah Park. The counsel for the petitioner contended that the lake is spread over 571.2 acres and the PIL is pending since 2012. Earlier, the High Court directed the commissioner of GHMC to be present in person and questioned the reasons for not filing a counter-affidavit. On Wednesday, standing counsel for GHMC, through a counter-affidavit, stated that the structure was temporary and the work of machines installed in that temporary structure will be completed by December 31. Further, it was submitted that GHMC is taking necessary steps to protect lakes. Accepting the contentions of the standing counsel, the court directed the GHMC not to make any constructions after December 31 at the location.