February 27: Former MD of Orson Electronics and an associate of Manu Chhabria, Shyam Bhatia, was today arrested by the Central Bureau of Investigation after the Sessions Court rejected his anticipatory bail application.Sessions Court's principal Judge A S Aguiar rejected the bail plea even as the ED sought bail cancellation granted by a metropolitan court to Bhatia in an ED case. Even as the hearing on this plea was on in the HC, CBI officers forced their way into Bhatia's Worli residence looking for him. He is wanted in the Rs 20.84 crore Bank of Maharashtra case. Claiming illness, he wanted to go to Delhi for treatment but was admitted to St George's hospital following the judge's order.The CBI's case is that the amount was siphoned off by raising bogus bills and opening fictitious accounts, with the alleged connivance of then CMD of the bank P S Deshpande, executive director R K Gupte and then GM (operations) S M Chitnis.Orson Electronics Ltd and Orson Distributors Pvt Ltd, sister concerns ofNihon Electronics Ltd, are also allegedly involved, with cross transactions through the drawee bill limit facility. The transactions are of the year 1986-87.
