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Mesco chairman, nephew granted bail

A Delhi court Thursday granted bail to Mesco Group chairman J K Singh and his nephew Deepak Singh, arrested by the Central Bureau of Investigation on charges of cheating people and financial institutions of several millions.

Special judge V B Gupta asked the two to furnish a personal bond and two sureties.

The CBI had recently filed a chargesheet against them, company director Rita Singh and three others before a city court in New Delhi for allegedly cheating Ashok Leyland Finance Ltd in 1996.

Rita Singh is still in judicial custody.

In its chargesheet filed on July 14, the CBI had also named company director Natasha Sinha, former company secretary Rajiv Raisinghani and former general manager (finance) Sanjay Saigal as accused in the case. Besides, Mideast Integrated Steel Ltd had also been made an accused.

The accused had cheated various financial institutions, including Ashok Leyland Finance Ltd, Onida Finance Ltd, the Bank of Mathura Ltd, the Monnet Finance Ltd, insurance companies, banks, shareholders and others of millions, the CBI alleged.

However, the agency said only the probe into the cheating of Ashok Leyland Finance Ltd had been completed.

PTI

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