Nagpur, June 24: A high court bench here today
reserved order on the bail application of Sunil Kedar, former
Nagpur District Central Co-Operative Bank chairman and prime accused in the Rs 150 crore Gilt scam, for June 27.
Justice S D Gundewar, after hearing both the defence and
prosecution, fixed June 27 for delivering the verdict.
Senior counsel and former advocate general of
Maharashtra, V R Manohar argued that Kedar was not a
beneficiary of the scam and invested the bank money in good
faith in government securities through broking firms.
Manohar contended that Kedar himself had initiated
lodging of police complaint against five broking firms for
non-physical delivery of government securities as per the
commitment on April 25 after the scam was unearthed.
Since his arrest on May 3, he has been co-operating with
the investigating agency and presently under the magisterial
custody has been lodged in jail for over a month, Manohar
said.
He said though Kedar was a high profile politician and
former minister of state in Maharashtra, it was wrong to
presume that he would tamper with bank documents since the
board of directors of NDCC bank was superseded on May 3 and
an administrator has since been appointed to look after the
affairs of the bank.
His passport has already been confiscated by the
investigating agency and there was no question of influencing
other co-accused, Manohar argued.
Bureau Report
