Date:26/04/2007 URL: http://www.thehindu.com/2007/04/26/stories/2007042613060300.htm

Karnataka - Bangalore

Chit fund case: Accused seeks bail

Staff Reporter

BANGALORE: After Sreenivasa Shastry of Vini Vinc, it is now the turn of a former treasurer of another chit fund firm that allegedly duped thousands of investors of nearly Rs. 230 crore to move the Karnataka High Court for bail.

If Shastry had moved the court for bail last week, it is now the turn of C. Dhanaraj, a resident of Bangalore and former treasurer of Darshanika Foundation, to petition the High Court, seeking enlargement on bail. According to the petitioner, he had resigned from the job. The Shankarapuram police had not only registered cases against him but also arrested him on charge of cheating. He was not involved in the collection of deposits from the people and the cases booked by the police pertained to the period after he left the job. The High Court adjourned further hearing on the case.