Friday, January 15, 2016

Ex-NMCE chief denied bail after son fails to return

Gujarat high court refused bail to former chairman of National Multicommodity Exchange of India Ltd (NMCE), Kailash Gupta because his son living in the US did not turn up to cooperate with investigators. Gupta is accused of committing fraud of Rs 28 crore on the company by involving his family members. His son, Amit, is also facing charges in the case and investigators, including Enforcement Directorate (ED), wanted to question him.

In 2014, Kailash Gupta was released on temporary bail by the Supreme Court. His regular bail was dependant on his fulfilling two conditions - paying back Rs 20 crore to the company and ensuring that his son returns from the US to face charges. Gupta surrendered after neither of these happened.

By the end of 2015, Gupta returned Rs 18.22 crore to the company and again sought bail. A city sessions court refused to interfere for lack of jurisdiction in the case as Prevention of Money Laundering Act (PMLA) had been invoked against him. The special court too denied him bail.

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