Nation Other News 07 Dec 2022 Telangana HC denies ...

Telangana HC denies anticipatory bail to Pharmax's Agarwal

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Dec 8, 2022, 12:52 am IST
Updated Dec 8, 2022, 12:52 am IST
The counsel representing the Enforcement Directorate argued that investigation revealed how documents were exchanged prior to transactions between the two entities of Pharmax India Pvt. Ltd and Euram Bank. (File photo:DC)
 The counsel representing the Enforcement Directorate argued that investigation revealed how documents were exchanged prior to transactions between the two entities of Pharmax India Pvt. Ltd and Euram Bank. (File photo:DC)

Hyderabad: Justice C. Sumalatha of the Telangana High Court on Wednesday dismissed an anticipatory bail application filed by Sanjay Raghunath Agarwal of Pharmax India Pvt. Ltd.

The counsel representing the Enforcement Directorate argued that investigation revealed how documents were exchanged prior to transactions between the two entities of Pharmax India Pvt. Ltd and Euram Bank and proceeds of the crime which were invested in various movable and immovable properties.

The Judge while dismissing the application observed that the petitioner was involved in embezzlement of Rs 318 crore from Indian investors. The Judge accepted the contention of the ED counsel that he may be fleeing from the and denied to enlarge the petitioner on bail.

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Location: India, Telangana, Hyderabad




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