Former MLC Subhash Zambad’s anticipatory bail plea has been rejected by the Aurangabad division bench of the Bombay High Court on Monday.
A bench comprising Justice Satish Chapakgaonkar rejected the plea in the case of misappropriation of funds worth Rs 97.41 crore from the Ajanta Urban Cooperative Bank between 2006 and August 2023.
Zambad was the chairman of the bank and has been absconding for over 15 months. He moved his anticipatory bail plea to the HC after Additional District Sessions Judge NM Jamadar rejected it. He may likely be arrested soon.
As per the directives of the Reserve Bank of India, the Special Auditor (Cooperative, Chhatrapati Sambhajinagar) had lodged a complaint against CEO Pradeep Kulkarni, Zambad and others with the Kranti Chowk Police Station about the embezzlement of funds in Ajata Urban Cooperative Bank. The case was later handed over to the Economic Offence Wing for further investigation. While Kulkarni was arrested, Zambad has been absconding since October 2023.
Earlier the HC bench had reserved the decision on his plea on Jan 10. On Monday, the decision of the rejection of the plea was announced. Advocates MG Laddha and Akshay Lohade appeared for Zambad and Vishal Badakh for the prosecution.
