Srinagar, July 23: The Special Anti-Corruption Court rejected second consecutive bail application of former Chairman J&K Cooperative Bank Limited and other co-accused Hilal Ahmad in Rs 250 crores bank loan fraud case.
After hearing Anti-Corruption Judge said that it has transpired from the police report that the accused facilitated preparation of a false, fabricated and fraudulent registration certificate of so called non-existent cooperative society and fraudulently sanctioned loan of Rs 250 crore to it.
Court observed that earlier bail application of both accused had been rejected and instant successive bail applications have been filed on the same grounds as that of earlier applications with the additional grounds that circumstances have changed.
The court said one of the change in circumstances, the petitioners have projected in the applications, is that the investigation with respect to the petitioners is complete.
The completion of the investigation the petitioners does not lessen the accusations/allegations against petitioners being well founded on the material collected by the investigating officer. Same are serious in nature and have effected economy of our Union Territory.
It added that court finds no reason to grant bail to the petitioners on the grounds of change in circumstances/ medical grounds as pleaded in bail applications.
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