Mumbai, Feb 27: Lan Eseda Industries chairman and former Orson Electronics managing director Shyam Bhatia was arrested by the Central Bureau of Investigation (CBI) on Friday after the principal sessions court rejected his anticipatory bail application.Bhatia, who is also an associate of Manu Chhabria, is wanted in the Rs 20.84-crore Bank of Maharashtra fraud case, in which several officers of the bank are also accused. Principal judge of the sessions court AS Aguiar rejected the application, even as the Enforcement Directorate (ED) is seeking cancellation of bail granted by a metropolitan court to Bhatia in a Foreign Exchange Regulation Act (Fera) violation case. Hearing of this appeal was on in the Mumbai high court, when CBI officers forced their way into Bhatia's Worli residence.
Bhatia claimed that he was ill for the last few days and wanted to be allowed to go to Delhi for treatment. The judge, however, has ordered that he should be examined in a government hospital in Mumbai. Bhatia was admitted tothe St George's Hospital and police doctors were examining him late on Friday evening. If the doctors clear Bhatia, CBI will produce him before the court on Saturday to seek police-custody. He could also be put in judicial-custody, sources said.CBI's case is that the amount was siphoned out by raising bogus bills and opening fictitious accounts, with the alleged connivance of bank officials. The then bank chairman-cum-managing director PS Deshpande, executive-director RK Gupte and general manager (operations) SM Chitnis are also accused in the case. Orson Electronics Ltd and Orson Distributors Pvt Ltd, two sister-concerns of Nihon Electronics Ltd are also allegedly involved, with cross-transactions through the drawee bill-limit facility.
Bhansali released on bail in BoB case
CRB Capital Markets chief CR Bhansali on Friday was released on bail by special sessions judge RS Dalvi in connection with a Rs 2.43-crore cheating case involving Bank of Baroda (BoB).Bhansali, who was arrested for the second time last week by the CBI along with Ashwin Shah, was released on a personal bond of Rs 5,000 after the judge rejected the bureau's plea for a further remand. Bhansali, who appeared before the metropolitan magistrate on Friday, was directed to be produced before the special court of CBI after submissions by advocate Niteen Pradhan.
After being produced before Judge Dalvi, Pradhan moved a bail-application before the judge, which was opposed by the CBI, contending that investigations were incomplete. According to CBI's first-information report (FIR)I, Bhansali, his wife Manjula and Ashwin Shah along with BoB officials --, general manager KD Shetty and assistant general manager AD Menezes -- had conspired to cheat the bank amounting to Rs 2.43 crore. CBI alleged that Bhansali had obtained at-par facility for encashment of interest and brokerage-warrants and later was unable to fulfill the terms and conditions.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
