City industrialist Nihal Garware of Garware Industries arrested in the money laundering case related to fraud with Jammu and Kashmir Bank, was on Monday denied bail by a special court designated under the Prevention of Money Laundering Act (PMLA).
Arrested in March this year by the Enforcement Directorate (ED), the agency has accused him of receiving kickbacks to the tune of over Re. 12.82 crores for buying a property for the bank in 2010 at a high price.
It alleged that he caused a loss of around Rs. 100 crores to the bank. The bail plea was filed in April. A detailed order is yet to be made available.
