"Erodes Public Trust": Delhi Court Denies Bail To Accused In Loan Fraud Case

The Enforcement Directorate claimed the accused caused a loss of over Rs 30 crore.

A court here has denied bail to a man in a money laundering case related to an alleged bank loan fraud, saying such "unscrupulous shenanigans" erode public trust and weaken the foundations of economy.

Dismissing Bharat Rana Chaudhary's bail application, Special Judge Neelofer Abida Perveen termed the modus operandi used by him "sinister", and said he was "prima facie" tampering with evidence and creating false evidence.

The ED claimed Chaudhary caused a loss of around Rs 30 crore to Punjab National Bank due to credit repayment default during 2010 to 2012.