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NDCCB chief Sunil Kedar granted bail

Sunil Kedar, former chairman of Nagpur District Central Co-operative Bank and main accused in the Rs 1.5-billion gilts scam, was granted bail by a Nagpur court on Thursday.

Judicial magistrate first class M R Purwar, while granting bail to Kedar on furnishing of cash surety of Rs 100,000 and two solvent sureties of Rs 500,000 each, put the conditions that he should not leave Nagpur and should visit the CID office every day as insisted by prosecutor P Sathianatahan.

Kedar's counsel Sunil Manohar, assisted by Vivek Kedar, argued that the accused was entitled for bail on the 91st day of his arrest as investigating agency, the state Crime Investigation Department, has failed to file chargesheet within the stipulated 90 days.

Kedar was arrested by Nagpur police on May 3 following a complaint by district auditor Bhausaheb Avsar on April 29 against him and five broking firms for allegedly duping NDCCB of Rs 1.5 billion.

The broking firms were identified as Home Trade Limited, Giltedge Limited, Century Dealers (all from Mumbai), Syndicate Management Services, Ahmedabad and Indramanai Services, Kolkata. Kedar had earlier lodged complaint against these five broking firms for non-physical delivery of gilts worth Rs 1.5 billion.

Subsequently, Home Trade CEO Sanjay Agarwal, its director Ketan Sheth, and Syndicate CEO Amit Verma and others were arrested by the state CID.

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