Bail for suspended Syndicate Bank CMD Jain as CBI fails to file chargesheet

However, Jain and Vineet Godha not to be released as they are yet to secure bail in a separate bribery case

A court here on Thursday granted bail to Syndicate Bank’s  S K Jain, the former chairman and managing director  and five others, as the Central Bureau of Investigation (CBI) had failed to file a chargesheet in an alleged bribery case. The agency could not find strong evidence against the accused in the case.

However, according to PTI, Jain and Vineet Godha would not be released from jail, as they are yet to secure bail in another bribery case in which the CBI had arrested them.

According to Criminal Procedure Code (CrPC) rules, the CBI had to file a chargesheet within 60 days from the day of the arrest, failing which an accused is entitled for bail.

CBI is still investigating the matter, as it hasn’t found enough evidence to file charges. “The investigation is still on. We are not sure when the chargesheet will be filed,” Director Ranjit Sinha told Business Standard.

Judge Swarna Kanta Sharma granted bail to Jain and to co-accused Pawan Bansal, Mukesh Jindal, Vineet Godha, Puneet Godha and Vipul Aggarwal on furnishing a personal bond of Rs 2 lakh each and a surety of the same amount.

The CBI had arrested Jain and the five others on August 2 in two cases for allegedly accepting a bribe of Rs 50 lakh through conduits and abusing his official position to extend credits to certain private parties flouting norms.

This is not the first case in which the CBI had delayed filing a chargesheet within stipulated time. All the nine arrested persons in the Adarsh Housing Society scam case got bail from a court in June last year.