Gujarat: DPIL promoter Amit Bhatnagar gets interim bail

The Gujarat High Court has granted interim bail to Amit Bhatnagar an accused in the Rs 2,654 crore bank fraud case involving the promoters of Vadodara-based Diamond Power Infrastructure Limited. Bhatnagar had sought the interim bail on the grounds that he needed the time to file Income Tax returns.

CBI had registered a criminal case in March 2018 against the Bhatnagar brothers and their father Suresh, promoters of DPIL, for fraudulently availing credit facilities from a consortium of 11 banks since 2008, leaving behind an outstanding debt of Rs 2654.40 crore as on June 29, 2016. CBI had further alleged that the company and its directors managed to get credit facilities despite the fact that they were already featuring in the RBI defaulters list.