MUMBAI: A lockdown court on Friday rejected the interim bail pleas of former Infrastructure Leasing and Financial Services Limited (IL&FS) executives – Ramchand Karunakaran and Arun Saha.

Rejecting the temporary bail plea on medical grounds of Karunakaran and Saha, former directors of IL&FS Financial Services (IFIN) additional sessions judge UM Padwad said the apprehension expressed by them of catching the Coronavirus infection “appears to be an attempt on the part of the accused to get out anyhow without any substance”.

It noted that while he had sought bail on medical grounds claiming that he was a high-risk individual, that there is “absolutely no record to show that the accused had any instance of recent medical emergency, nor it can be assumed that he cannot be taken care of at the jail or would catch infection there only because of huge number of inmates.” The ED had arrested them in June last year in the IL&FS scam.

According to the central agency, IFIN – a subsidiary of IL&FS has laundered over Rs. 5,000 crores of shareholder’s money. Arun and Saha, among other top functionaries allegedly did not apply their due diligence for personal gain.

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