SC refuses more time to Parekh to deposit installment amount

The Supreme Court on Tuesday refused to extend time to Ketan Parekh, the prime accused in the Madhavpura Bank scam, for depositing Rs 26 crore installment amount as a condition to be on bail.

A bench headed by Justice Ashok Bhan dismissed Parekh8217;s application for extension of time to deposit Rs 26 crore installment which was due on May 1.

Thus the bail given to him stands canceled.

The Court in July 2007 had granted him bail on the condition that he would deposit Rs 396 crore in installments.

Parekh, the prime accused in Rs 888 crore Madhavpura Mercantile Co-oprateive Bank scam of 1992, has till now paid around Rs 370 crore.