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Mumbai:Bombay HC on Thursday granted bail to Naresh Jain, an internal auditor of Cox & Kings Limited (CKL), in an alleged fraud case filed by vice-president of IndusInd Bank against him and other directors. The allegation against the tour agency’s chief financial officer and other directors was that they defrauded the bank by defaulting on payments pertaining to the commercial credit card facility extended by the bank for tours. Advocate Satyavrat Joshi, representing Jain, argued for bail in an FIR lodged by EOW in 2020. He argued on merits and on grounds of parity, citing previous orders where relief was granted to co-accused. However, additional public prosecutor Rutuja Ambekar for the state said documents show Jain’s prima facie role in “falsification of accounts,” which formed the basis for further loans to CKL. Justice Manish Pitale observed that documents show “such amounts were received as professional charges and fees.” The trial is to proceed on merits, uninfluenced by its order, said HC. TNN
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