Court denies bail to three convicts in NDCCB scam

Nagpur: A sessions court here on Wednesday rejected bail applications of three accused of the ₹170 crore Nagpur District Central Cooperative Bank (NDCCB) scam. They included Giltage Management Services’ manager Amit Verma, Home Trade Limited senior vice-president Subodh Bhandari and director Nandkishor Trivedi.The cases of the bank's former general manager Ashok Choudhary and stockbroker Ketan Seth would be heard later, according to district government pleader Nitin Telgote.Earlier, the same court of judge RS Patil-Bhosale had rejected the bail plea of former Congress leader Sunil Kedar on December 30. He had challenged the order in the Nagpur bench of Bombay High Court which granted him bail on January 9.All the five accused along with former Saoner MLA were convicted by the magisterial court on December 22 for allegedly committing illegal acts on September 14 and May 5, 2000 and on June 12, 2001, of misappropriation of bank’s funds under the guise of purchasing the government securities on the basis of illegal resolutions and forged documents. They were sentenced to five years of rigorous imprisonment and were told to pay ₹12.5 lakh fine each.According to the prosecution, the funds were misappropriated under the pretext of investment through the private brokers -- Home Trade Limited, Century Dealers, Giltage Management, Indramani Merchants and Syndicate Management Services. tnn
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, Location Guesser and Mini Crossword.