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Court denies bail to 2 businessmen in Rs 24 cr bank fraud case

Press Trust of India  |  New Delhi 

A special today denied bail to two businessmen in an alleged case involving over Rs 24 crore, saying the accused could hamper the ongoing investigation if granted the relief.

Special judge Virender Kumar Goyal dismissed the bail applications of Sumit Singla and Vikas Singla, directors of a Delhi-based firm M/s Raksha Global Steel Private Ltd.


The noted that the same modus operandi was used in various cases by the accused and there were over 20 cheque bounce cases pending against them.

Public Prosecutor Manoj Shukla had opposed their pleas, alleging that the accused had cheated around Rs 108 crore from various banks.

The accused persons had moved the bail applications claiming that since the charge sheet has already been filed by the CBI, there was no apprehension that they would hamper the ongoing investigation.

The CBI, in its final report filed against the private firm, its two directors, some unknown public servants and private persons, claimed that the case related to alleged of Rs 24.64 crore in Canara

The alleged that the company and its directors had cheated the Canara at Connaught Circus and caused a loss of Rs 24.64 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 17:13 IST
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