Date:30/04/2008 URL: http://www.thehindu.com/2008/04/30/stories/2008043054670500.htm

Karnataka - Bangalore

Chit fund promoter pleads for bail

BANGALORE: Sreenivasa Shastry, promoter of a chit fund firm by name Viniv Inc, on Tuesday moved the Karnataka High Court for bail. Viniv Inc went bust and Mr. Shastry and other promoters were arrested by the Bangalore police on charges of cheating and duping thousands of investors of their money. When the matter came up, it was pointed out to the court that Mr. Shastry had earlier filed several petitions for release on bail before the High Court. However, these details had not been furnished before the court. Justice Ravi B. Naik adjourned further hearing on the case. — Staff Reporter