Syndicate Bank bribery case: Court dismisses bail pleas of two

A special court today dismissed the bail pleas of two accused arrested by CBI along with Syndicate Bank CMD Sudhir Kumar Jain and others in connection with a bribery case observing that the probe into the case was at a "crucial stage".
Special CBI judge Swarana Kanta Sharma rejected the bail pleas of Arun Aggarwal, who is alleged to be the Chief Financial Officer of Bhushan Power and Steel Ltd, and Vijay Pahuja, who according to the CBI was acting as an "agent" for receiving illegal gratification.
"...I am of the opinion that the intercepted conversations also point out prima facie towards his (accused) role in the conspiracy. The investigation is at a crucial stage and material witnesses are being examined by CBI.

"The application for taking voice sample (of some of the accused) is also pending. One of the co-accused Purshottam Totlani is also absconding. Therefore, I find no ground to grant bail to accused at this stage," the judge said.
During the arguments on the bail applications, the counsel representing Aggarwal had argued that neither his client was associated with Bhushan Steel Ltd nor he was an employee of the firm. The counsel had also argued that it was a case of "mistaken identity".
CBI prosecutor Akshay Gautam had countered the submissions of the defence counsel saying Aggarwal was the Chief Financial Officer of Bhushan Power and Steel Ltd and was in touch with co-accused Jain.

Regarding Pahuja, CBI had alleged that he was acting as an agent on behalf of Jain and other co-accused for receiving the bribe amount.
Jain, CMD of Prakash Industries Ltd Ved Prakash Agarwal, Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal and various other accused were arrested by the CBI in connection with the case.