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NDCC ex-chairman Kedar's bail plea rejected

A sessions court on Thursday rejected the bail plea of Sunil Kedar, former chairman of Nagpur District Central Cooperative Bank and prime accused in the Rs 1.5 billion government securities scam.

Sessions Judge C V Bhadang rejected his bail petition on the basis of police reports that he was an influential person and was likely to tamper with evidence or witnesses if granted liberty.

This is for the second time his bail has been rejected. On May 23, his plea for liberty was turned down by Judicial Magistrate First Class J G Dorle.

His lawyer argued that he was in custody for more than a month and police had been given enough time to interrogate him. He said if Kedar was released on bail he would cooperate with the investigation machinery.

Kedar was arrested by sleuths of Maharashtra Crime Investigation Department on May 3, following a complaint by district auditor of cooperation Bhausaheb Avsar. Besides Kedar, the police on April 29 booked the bank's general manager A C Choudhary and five broking firms for offences under various sections of IPC.

On April 25, Kedar had lodged a police complaint against five broking firms for non-physical delivery of government securities worth Rs 1.26 billion, now valued at Rs 1.5 billion.

The broking firms were identified as Home Trade Ltd, Gilt Edge Management Services, Century Dealers Private Limited (all from Mumbai), Indramani Management Services, Kolkata and Syndicate Management Services, Ahmedabad.

Kedar's megisterial custody expires tomorrow and he is at present lodged in central prison here.

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