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Court reserves order on Sunil Kedar's bail plea

A Nagpur court on Monday reserved order until May 23 on the bail plea of Sunil Kedar, former chairman of Nagpur District Central Co-operative Bank and prime accused in the Rs 1.5 billion gilt scam.

Arguments concluded on Monday before Judicial Magistrate First Class J G Dorle.

Kedar is charged under various sections of Indian Penal Code in connection with the Rs 1.5-billion gilt scam.

His counsel Avinash Gupta contended that Kedar had only invested the sum and not misappropriated funds. He was also cooperating with the investigating agencies since his arrest on May 3 and there was no question of his tampering with bank records since an administrator had already been appointed.

Prosecutor Prashant Sathianathan argued that the accused was an influential person and hence capable of tampering with documents of the bank and other relevant records. He also said co-accused Sanjay Agarwal, CEO of broking firm HomeTrade Ltd, was still in police custody because probe was not yet over.

Kedar, since his arrest on May 3, was twice remanded to police custody and later hospitalised for abdominal pain. He was discharged from hospital on May 15 and sent to jail after being remanded to magisterial custody till May 24.

Offences were registered by police on the basis of complaint filed by auditor of department of co-operation Bhausaheb Avsar on April 29.

Kedar, on April 25, had lodged complaint against five broking firms including Agarwal's Home Trade Ltd for not delivering certificate of investment in government securities.

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