Mumbai | J&K bank scam: Court rejects bail of city industrialist

Observing that the applicant has been living with multiple health issues throughout his life and has managed to live with the same, a special court has denied bail to city industrialist Nihal Garware in connection with the Jammu and Kashmir bank scam.

Staff ReporterUpdated: Sunday, December 18, 2022, 04:08 AM IST
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Mumbai: Observing that the applicant has been living with multiple health issues throughout his life and has managed to live with the same, a special court has denied bail to city industrialist Nihal Garware in connection with the Jammu and Kashmir bank scam.

It stated that his sickness does not qualify him for relief under a provision of the Prevention of Money Laundering Act (PMLA). 55-year-old Garware had cited a particular disease. The court said that the disease is incurable and one has to adjust one’s lifestyle, manage stress, take healthy food and exercise. Special Judge MG Deshpande said all this cannot be a ground for bail in the serious offence.

As per the ED’s case, being an additional director in J&K Bank, Garware played a key role in buying a 42,000 sq. ft property in Bandra Kurla Complex for the zonal office of the bank at Rs26,000 per sq.ft. The deal of Rs172 crore was allegedly made at an exorbitant price when there was a lower bidder and Garware got a kickback of around Rs13 crore from the seller builder. The businessman later allegedly also layered and projected the money as untainted.

The court said that Garware can be referred to JJ Hospital or KEM Hospital if the situation warrants it. It noted that the offence of money laundering is very serious from the point of its gravity and magnitude and that his bail application was already rejected on the merits of the case.

The court also noted the opinion of a medical board formed by JJ Hospital that he can be treated as an OPD patient in KEM hospital. It also added that at JJ hospital, he can be referred to a psychiatrist who can advise him on how to manage stress. It noted further that the court had taken abundant care and permitted him home-cooked food. It also noted that it cannot be ignored that with various diseases and health issues, he has travelled abroad many times for work and has managed to get treatment, surgeries, etc by staying abroad.

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