The bank as an individual claimant and as a representative of a consortium of banks had sought claim to certain properties attached by the Enforcement Directorate (ED) stating that they had suffered losses of over Rs 7,000 crore due to alleged acts of the accused, of obtaining fraudulent Letters of Understanding (LoUs).
Subhash Parab, deputy general manager in Firestone International Private Ltd, was granted bail with the court stating in its order that there is no likelihood of commencement of the trial in near future.
Parab was arrested by the Central Bureau of Investigation (CBI) in April last year and has been in custody since then. He was an executive of Firestar International Pvt. Ltd.
O billionaire it is one of the rare cases – but not the only one – of a fortune of more than six figures in recent years (Image: Virgile Simon Bertrand for Forbes) In recent weeks, the billionaire Sam Bankman-Fried was in the spotlight after the sudden collapse of his…