The Gujarat High Court today
granted temporary bail for 20 days to promoter of Vadodara-based Diamond Power Infrastructure Ltd (DPIL) who has been arrested for allegedly cheating banks to the tune of
Rs 2,654 crore.
Justice J B Pardiwala granted temporary bail to Amit Bhatnagar for 20 days after the latter, in his plea, sought bail to arrange for his daughter's admission to a foreign university.
The court order specified that Bhatnagar, during the temporary bail period, will have a police escort.
Bhatnagar, along with his father, Suresh, and brother, Sumit, were arrested by the Central Bureau of Investigation in April this year for allegedly availing credit from 11 banks since 2008 by using fraudulent means.
This, the agency stated, had left the banks with outstanding dues of Rs 2,654.40 crore as on June 29, 2016.
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