Man’s Bail rejected by Bombay High Court who cheated Dena Bank for 245 crores

The Bombay High Court (HC) in a recent case has dismissed to permit bail to a man who in 2014 cheated Dena Bank of 245 crores. It was stated by the man, that he was the representative of the bank and had asked eight public entities to start fixed-term deposits with the bank to the tune of 259 crores and when they did so, he used the KYC documents of the public entities to get loans against the deposits to the tune of  240 crores. After that, he siphoned off the amount with the help of fake loan accounts in the name of the entities.

 

The court declared that with the case being severe and with the trials likely to begin and end in a year it was not liable to grant bail as the man who has been charged had escaped after the probe and also had got underway. While hearing the bail application by the single bench of Justice Sarang Kotwal, he was enlightened by Advocate Ujjwal Gandhi that after being arrested the authorities had attached his properties under the Prevention of Money Laundering Act (PMLA) and retrieved a considerable amount of the duped money, so the custody of his client was not important and he should be released on bail.

 

Barot kept the receipts received from the bank and gave photocopies to the entities and then with the help of KYC documents he applied for loans using the receipts as surety. The bank presuming Barot as the financial advisor of the entities approved the loans which were deposited in fake loan accounts and later withdrawn by Barot through various other entities.