The Gujarat High Court on Tuesday granted interim bail of three months to the promoter brothers of Vadodara-based Diamond Power Infrastructure Limited (DPIL) — Amit Bhatnagar and Sumit Bhatnagar. The two are under investigation by the Central Bureau of Investigation (CBI) for their alleged involvement in a Rs 2,654 crore bank scam involving a consortium of 11 banks.
They had sought regular bail but it was not granted.
Taking note of the argument of the CBI advocate that bail should not be granted as further investigation was on, the court ordered the two brothers to stay put in Vadodara.
The CBI also argued that the repayment and recovery of the Rs 2,654 crore was pending.
Besides, the court also ordered the Bhatnagar brothers to surrender all properties owned by them and their immediate family. Most of the 62 such surrendered properties are spread across the state, the brothers’ advocate said.
“The grounds considered by the court were largely based on bonafide (evidence),” Advocate Virat Popat, who represents the Bhatnagar brothers, said. “It was also on those grounds that they had been incarcerated for nearly one-and-a-half years. The court has sought a surety bond of Rs 2.5 crore each.”
The brothers had repeatedly filed applications for regular bail as well as temporary bail. Both have been granted temporary bail at least thrice.
The CBI’s legal representative, R C Kodekar, argued the probe had found that six companies owned by the brothers showed fake transactions on paper. This, he said, proved charges of conspiracy.