Court denies bail to two businessmen in bank fraud case

Special CBI judge Virender Kumar Goyal dismissed the bail applications of Sumit Singla and Vikas Singla, directors of a Delhi-based firm M/s Raksha Global Steel Private Ltd.

By: PTI | New Delhi | Published:July 3, 2017 8:43 pm
delhi fraud case, cbi fraud case, bank fraud case, cbi, sumit singla, vikas singla, india news, latest news, indian express The duo had moved the bail plea after the CBI filed charge sheet against them and others.

A special court today denied bail to two businessmen in a bank fraud case involving over Rs 24 crore, saying they appeared to be habitual offenders and might commit similar offence if granted relief.

Special CBI judge Virender Kumar Goyal dismissed the bail applications of Sumit Singla and Vikas Singla, directors of a Delhi-based firm M/s Raksha Global Steel Private Ltd.

The duo had moved the bail plea after the CBI filed charge sheet against them and others yesterday.

The court noted that the same modus operandi was used in various bank fraud cases by the accused, who appeared to be habitual offenders and hence “if bail is granted to them, they would again conspire to cheat some other bank.” It noted that there were over 20 cheque bounce cases pending against them.

The accused persons had moved the bail applications saying that since the charge sheet has already been filed by the CBI, there was no apprehension that they would hamper with the ongoing investigation.

Public Prosecutor Manoj Shukla had opposed their pleas, saying the accused had cheated around Rs 108 crore from various banks.

The CBI in its final report, filed against the private firm, its two directors, some unknown public servants and private persons, claimed that the instant case related to alleged fraud of Rs 24.64 crore in Canara Bank.

The CBI alleged that the company and its directors had cheated the Canara Bank at Connaught Circus and caused an alleged loss to the tune of Rs 24.64 crore to the bank.

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