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Bail for suspended Syndicate Bank CMD Jain as CBI fails to file chargesheet

A Delhi court on Thursday granted bail to Syndicate Bank’s suspended Chairman and Managing Director S K Jain and five others due to a delay in filing charge sheet by the Central Bureau of Investigation which still hasn’t found strong evidence to do so in an alleged bribery case.

However, according to news agency Press Trust of India, Jain and Vineet Godha would not be released from jail as they are yet to secure bail in a separate bribery case in which the CBI had arrested them.

According to Criminal Procedure Code (CrPC) rules, the CBI has to file a charge sheet within the statutory period of 60 days from the day of the arrest failing which an accused is entitled for bail.

The CBI is still investigating the matter as it hasn’t found enough evidence to file charge sheet against the accused. “The investigation is still on. We are not sure when the charge sheet will be filed,” CBI Director Ranjit Sinha told Business Standard.

Special CBI Judge Swarana Kanta Sharma granted bail to Jain, co-accused Pawan Bansal, Mukesh Jindal, Vineet Godha, Puneet Godha and Vipul Aggarwal on furnishing a personal bond of Rs 2 lakh each and a surety of the like amount.

The CBI had arrested Jain along with five others on August 2 in two cases for allegedly accepting bribe of Rs 50 lakh through conduits and abusing his official position to extend them credit facilities to certain private parties bypassing the rules and regulations. The government had suspended Jain following the arrest.

This is not the first time that the CBI had delayed filing charge sheet against the accused within the stipulated time period. All the nine arrested persons in the Adarsh housing society scam case got bail from CBI court in June last year after CBI had failed to file a charge sheet on time.

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