Bhansali gets bail

MUMBAI, February 27: C R Bhansali, CRB Capital Markets8217; chairman and managing director was today released on Rs 5,000 bail by Special Sessions Judge R S Dalvi. He was held in connection with a Rs 2.43 crore cheating case involving the Bank of Baroda.

Bhansali was arrested on February 17, 1998 by the Central Bureau of Investigation CBI along with his colleague Ashwin Shah. He was then produced before the Additional Chief Metropolitan Magistrate Shivaji B Dhumal and was remanded to police custody till today. Bhansali who had appeared before the Metropolitan Magistrate, was today directed to be produced before the Special Court CBI after submissions by advocate Niteen Pradhan.

Pradhan applied for bail before Judge Dalvi. While the CBI objected to the bail plea saying the investigations were incomplete, Pradhan said, 10 days in CBI custody was enough time to interrogate his client.

Besides, Pradhan said, there was no question of tampering of evidences, as all relevant documents are with the officialliquidator appointed by the High Court. After hearing both the side, the Judge granted bail to Bhansali.

Bhansali, his wife Manjula, and Ashwin Shah along with Bank of Baroda officials, general manager K D Shetty and assistant general manager A D Menezes had conspired to cheat the bank of Rs 2.43 crore.