CBI court grants bail to Sanjay Agarwal

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.

Published: 17th April 2012 04:35 AM  |   Last Updated: 16th May 2012 07:34 PM   |  A+A-

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.

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