Court denies bail to 2 businessmen in Rs 24 cr bank fraud case

A special court today denied bail to two businessmen in an alleged bank fraud case involving over Rs 24 crore, saying the accused could hamper the ongoing investigation if granted the relief.
Special CBI judge Virender Kumar Goyal dismissed the bail applications of Sumit Singla and Vikas Singla, directors of a Delhi-based firm M/s Raksha Global Steel Private Ltd.
The court noted that the same modus operandi was used in various bank fraud cases by the accused and there were over 20 cheque bounce cases pending against them.
Public Prosecutor Manoj Shukla had opposed their pleas, alleging that the accused had cheated around Rs 108 crore from various banks.

The accused persons had moved the bail applications claiming that since the charge sheet has already been filed by the CBI, there was no apprehension that they would hamper the ongoing investigation.
The CBI, in its final report filed against the private firm, its two directors, some unknown public servants and private persons, claimed that the case related to alleged fraud of Rs 24.64 crore in Canara Bank.
The CBI alleged that the company and its directors had cheated the Canara Bank at Connaught Circus and caused a loss of Rs 24.64 crore.