HC dismisses bail plea of two company directors
The Hindu
The Madurai Bench of the Madras High Court has dismissed the bail petitions of N. Suresh Patel and S. Hitesh Patel, directors of Prabhat Group, accused of availing loans on the basis of inflated value
The Madurai Bench of the Madras High Court has dismissed the bail petitions of N. Suresh Patel and S. Hitesh Patel, directors of Prabhat Group, accused of availing loans on the basis of inflated value of the properties mortgaged. The case of the prosecution was that the petitioners availed the loans and indulged in wilful diversion of funds through various group accounts. The group was into agriculture, sugar, timbers and other investments. It had units in Tiruchi, Dindigul and Tenkasi. A complaint was lodged against them by the Assistant General Manager, Zonal Office of Corporation Bank, Tiruchi. The total outstanding amount was ₹390.21 crore as on 2019. The bank noticed fraudulent connotations in 34 accounts of the group in three of its branches. It also noticed cash deposits of ₹17.10 crore during demonetisation period in 2016. Based on the complaint, a case was booked against the petitioners in 2018.More Related News