HC dismisses bail plea of two company directors
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The Madurai Bench of the Madras High Court has dismissed the bail petitions of N. Suresh Patel and S. Hitesh Patel, directors of Prabhat Group, accused of availing loans on the basis of inflated value of the properties mortgaged.
The case of the prosecution was that the petitioners availed the loans and indulged in wilful diversion of funds through various group accounts. The group was into agriculture, sugar, timbers and other investments. It had units in Tiruchi, Dindigul and Tenkasi. A complaint was lodged against them by the Assistant General Manager, Zonal Office of Corporation Bank, Tiruchi. The total outstanding amount was ₹390.21 crore as on 2019.
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