HYDERABAD: The special CBI court on Monday granted conditional bail to businessman, Sanjay Kumar Agarwal, who was arrested on charges of duping a public sector bank to the tune of Rs 65 crore.
Agarwal of Ghanshyam Das Gems and Jewellers, Abids allegedly cheated SBI Koti branch by obtaining a loan of 250 kg of gold under the gold metal loan scheme furnishing fake sureties of Punjab National Bank.
According to CBI, the accused obtained gold between March-April 2011. The investigation agency could recover more than Rs 9.15 crore fixed deposits from relatives of the accused and partners of the jewellery firm. Agarwal was arrested on February 2 from Bengaluru and has been in prison since then.
Hearing the bail petition of Agarwal, judge B Nagamaruthi Sarma on Monday granted him bail after he executed a personal bond for Rs 25,000 with two sureties.
Judge Sarma directed Agarwal to appear before the investigating agency between 9 a.m to 12 noon every day. The court also asked him to surrender his passport and not to leave Hyderabad without the court’s permission.