Suryapur Co-op Bank founder chief gets anticipatory bail

The Surat Sessions Court has granted conditional anticipatory bail on a bond of Rs 25,000 to Kanaksinh Mangrola, former Rajya Sabha MP of the BJP and the founder chairman of the Suryapur Cooperative Bank Ltd.

The Suryapur Cooperative Bank collapsed following a Rs 44 crore loan scam in January 2003. The anticipatory bail application was moved in the court by Mangrola's counsel Ballubhai Biscuitwala and Anil Bhagwakar.

Sessions Judge Kalpanaben Win, while granting the anticipatory bail, observed that there were no direct evidences to suggest that Mangrola or his family members had gained out of the loan scam.

If at all there were any evidences in this regard, the prosecution had failed in providing the same before the court, she said.

The bank's chairman Babubhai Gamit had filed a complaint on January 29, 2003 with the Surat Police against 60 people for allegedly siphoning off money from the bank in the form of loans by producing bogus documents and documents already mortgaged with the bank.

On April 24, 2003, the Detection of Crime Branch (DCB) of the Surat Police had chargesheeted 47 in the Rs 44-crore loan scam. In the chargesheet, the DCB had stated that 18, including Mangrola and the complainant Babubhai Gamit, were absconding. Mangrola had filed an application seeking anticipatory bail on February 11.