DPIL's Bhatnagar siblings get bail from Gujarat HC in Rs 2,654 crore bank fraud case

The Gujarat High Court granted three-month interim bail on Tuesday to siblings Amit and Sumit Bhatnagar, the promoters of Vadodara-based Diamond Power Infrastructure (DPIL), which is accused of duping banks of Rs 2,654 crore.

The court of Justice Sonia Gokani granted the duo bail on the condition that they will not leave Vadodara, and ordered them to deposit a bond of Rs 2.5 crore each.

The brothers also surrendered all their 64 properties which remain in the custody of the High Court.

The Enforcement Directorate had last year attached several properties belonging to them under the provisions of the Prevention of Money Laundering Act (PMLA) after filing a criminal case based on a CBI FIR.

The duo was arrested by the CBI, along with their father Suresh Bhatnagar, from a hotel in Udaipur in Rajasthan in April last year.

The High Court had last year granted bail to Suresh Bhatnagar on health grounds.

The ED has said the three promoters of the electric cables and equipment manufacturing company fraudulently availed credit facilities from a consortium of 11 public and private banks from 2008 onwards, leaving behind debt of Rs 2,654.40 crore as on June 29, 2016.

The loans were declared non-performing assets in 2016 -17.