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MEGA scam: To get bail, former IAS officer offers property worth Rs 8 cr as surety

The move came even after the court concluded the hearing and had reserved the verdict for pronouncement.

By: Express News Service | Ahmedabad | Published: March 19, 2016 2:10 am

Seeking regular bail, ex-IAS officer and former executive chairman of the Metro-Link Express for Gandhinagar and Ahmedabad Company Ltd (MEGA) Sanjay Gupta on Friday offered documents of his property worth about Rs 8 crore as surety in the Gujarat High Court. Gupta has been languishing in Sabarmati Central Jail for the past ten months.

The property, based in Goa, has been listed in the name of Gupta’s private limited company. Besides, Gupta’s advocate also told the High Court that in addition to this asset, Rs 25 lakh in cash would also be deposited as surety for his bail if the court considers.

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The move came even after the court concluded the hearing and had reserved the verdict for pronouncement.

“Considering the magnitude of fraud, what is offered as surety for his bail is too meagre and that too belongs to a private limited company,” public prosecutor told the court while objecting to the submission by Gupta’s lawyer. Following the submission, the court of justice A J Desai adjourned the matter till March 23.
Gupta was arrested by CID (crime) for his alleged involvement in the Rs 113-crore MEGA scam in May, 2015. He has been chargesheeted in a scam worth over Rs 113 crore which was found in the project of filling land at Bhat Koteshwar-Motera for the construction of casting yard and a deport for the Metro rail project.
He was also arrested by Gandhinagar police in another case of alleged fraud to the tune of Rs 2.62 crore which was lodged in December 2014.

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    nikhil.girme
    Mar 22, 2016 at 6:38 pm
    What a funny proposal ? First siphon off public money worth Rs 113 crores which is almost confirmed by CID Crime with almost 200 witnesses and then accused is ready to give property which is only 7-8% of his crime....His Pport should be seized and he has to be made accountable for this henious crime
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    1. S
      Shrikrishna
      Mar 23, 2016 at 5:49 am
      Daylight robbers are becoming courageous now. First they take Bank executives under their wings and get approvals left right and center. When we ask them how they get clean chit on lousy ets they question us as to why you have to believe us.. And now they want bail to come out and move over to next project. I wonder if Reserve Bank is aware of what the nationalised banks are doing and are these officers ever questioned? It seems there are many mini Mallya s, who collectively cause more destruction of hard earned money than him. Can Modi saab appoint a team to net these embezzlers?
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      Adda