Bhansali In Police Remand Till June 24

CRB group chairman Chain Roop Bhansali, the prime accused in the Rs 1,200-crore scam, was yesterday remanded to police custody till June 24.

In his order, additional chief metropolitan magistrate S B Dhumal of the 3rd Court, Esplanade, said: Bhansali has exclusive knowledge about diversion of funds from the State Bank of India to bogus fixed deposit refund warrants, and on details regarding forged securities and various lockers which were operated by the accused. Therefore, it appears that custodial interrogation of the accused is necessary for investigation.

The magistrate added: Lakhs of investors have deposited money with the accused. Many of them face the threat of losing their life savings. The present crime signifies the plundering of peoples resources for the selfish entertainment of powerful persons.

 

In its remand application, the CBI accused Bhansali of having exclusive knowledge about the assets created out of the Rs 58 crore defrauded from SBI. The remand application added that Bhansali has exclusive knowledge regarding the mode of diversion of funds from the bank through bogus fixed deposit (FD) repayment warrants which were issued by CRB Caps.

Only Bhansali can provide details about the bogus firms floated by him and the persons who had encashed the warrants, claimed the public prosecutor. Securities and cash might have been concealed in various lockers operated by Bhansali either in his name or in the names of his family members or fictitious persons. The accused needed to be interrogated on these details, it added.

It is also learned that the accused has made quid pro quo payment to the public servants involved in this case, said the remand application.

The remand application alleged that ...CRB Capital Markets was sanctioned the facility of issuing fixed deposit repayment warrants payable at par at all the branches of SBI by the SBI Mumbai branch. These FD repayment warrants were to be issued only to genuine FD holders of the company. That too, only to the extent of Rs 25,000 as per the security clause printed on the fixed deposit repayment warrants.