Kolkata, Jan 21: A special CBI court today rejected the bail application of former chairman of prudential capital market, Vinod Baid, and remanded him in CBI custody till January 24 for allegedly cheating Bank of Rajasthan (BoR) of over Rs five crore.
Special CBI judge Nirod Ranjan Ghosh granted CBI's prayer for extention of baid's custody by three days.
Baid was arrested by CBI on January 10 in Hyderabad and was brought to Kolkata the next day. He has been in CBI remand since January 14.
CBI charged Baid, in collaboration with former director of the bank Keshav Bangur, with allegedly raising money from BoR by issuing cheques that were purchased by the bank, but dishonoured on production.
Bangur too was arrested on January 10 in the same case and is in custody till January 24.
The CBI said that Baid had floated a number of fake companies from where he issued fake letters of credit and bills which were discounted from BoR on Bangur's recommendation.
"Baid is another shadow of Bangur, who diverted over Rs 100 crore from the bank when he was its director," the CBI told the special judge.
Pleading for bail, Baid's counsel argued that BoR had already filed a case against him which was pending in the Debt Recovery Tribunal (DRT) and there was no need for further custody.
Bureau Report
