Ex-UTI chief, 3 others get bail

MUMBAI, AUG. 7. The former chairman of the Unit Trust of India (UTI), Mr. P.S. Subramanyam, suspended executive directors, Mr. M.M. Kapur and S. K. Basu, and stock broker, Mr. Rakesh Mehta, charged with misappropriating public funds to the tune of Rs. 32.08 crores, were today released on conditional bail by a special court.

However, the court turned down the bail plea of the promoter of M/s Cyberspace Infosys Ltd, Mr. Arvind Johari, on the ground that he was the main beneficiary in the scam and was required in another case in Lucknow. He was remanded to judicial custody till August 14.

Perusing case diaries and remand application, the Special Judge, Mr. S.R. Mehra, opined that documents concerning the scam had already been seized and custodial interrogation of the accused was not required as they were in CBI custody since July 21. Mr. Subramanyam, Mr. Kapur and Mr. Basu were released on bail for Rs. 1.5 lakhs each while Mr. Mehta was enlarged for Rs. 3 lakhs.

- PTI

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