SRMC Chancellor granted bail in car import scam

Madras High Court today granted bail to Chancellor of Sri Ramachandra Medical College Hospital and University V R Venkatachalam, arrested by CBI in the car import scam involving alleged customs duty evasion of Rs 48.40 crore.
Allowing the bail petition, Justice CS Karnan directed Venkatachalam to execute a personal bond to the tune of Rs 50,000 and two sureties to like sum to the satisfaction of the Principal Sessions Judge for CBI cases.
Taking note of his health condition, the Judge directed Venkatachalam to appear before CBI at 10 AM and 5 PM from May 17 and permitted him to be accompanied by his lawyer.

The Judge also ordered him to surrender his passport before the concerned court until further orders.
The Principal Sessions Judge for CBI cases J Krishnamoorthy had yesterday rejected the bail application of Venkatachalam, observing that the accused was an important person and there was every possibility that he might tamper with witness.
Venkatachalam, arrested here on May 5, is facing charges of purchasing luxury cars from Alex C Joseph, the prime accused in the case related to import of high-end cars and its sale to various politicians and businessmen.
Joseph, arrested in February, was yesterday granted bail by Justice Karnan.