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NDCC ex-chief Kedar's bail plea rejected

A Nagpur court on Thursday rejected the bail plea of Sunil Kedar, former chairman of Nagpur District Central Co-operative Bank and key accused in the Rs 1.5 billion gilt scam.

Judicial Magistrate First Class J G Dorle, who had earlier reserved order until May 23, rejected Kedar's bail petition on merits.

Kedar has been placed in magisterial custody till May 24 as prosecution opposed his bail plea vehemently on the ground that the scam money had not been recovered yet and interrogations were not over.

Prosecutor Prashant Sathianathan contended that Kedar, booked along with the general manager of the bank and five broking firms, was an influential person and would tamper with witnesses if released on bail.

He said Kedar, a former minister of state in Maharashtra Cabinet, was in a position to dominate and control activities of persons connected with the crime. Except Home Trade CEO Sanjay Agarwal, all the accused (directors of other broking firms as well as Home Trade) are yet to be arrested.

The investigation of various bank accounts and financial transactions of the company was in progress. It was not limited to records of NDCC bank alone.

The accounts and every relevant details with regard to five accused companies was yet to be recovered and seized, Sathianathan contended.

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