Former vice-president of Calcutta Stock Exchange K K Daga was on Tuesday released on bail in connection with the Rs 120-crore (Rs 1.2 –billion) scam at the bourse in March 2001.
Chief Metropolitan Magistrate S C Misra granted bail to Daga on two sureties of Rs 12,000 each after the Special Cell of Kolkata Police probing the scam failed to submit a chargesheet in the case after the lapse of 90 days.
Daga was arrested on October 17 for his alleged role in suppressing information provided by IndusInd Bank related with dishonour of cheques issued by some of the CSE brokers against their margin payments in March 2001.
Police claimed that had Daga not suppressed the information, the extent of payment crisis would have been much lower.
Daga's counsel, however, denied the allegation and claimed that he had passed the information to the then president Kamal Parekh.
Feeds |
Contact