Bail of Rs 21 Cr embezzlement case rejected

Chhatrapati Sambhajinagar: Judicial Magistrate First Class (JMFC) S D Javalgekar rejected the regular bail application of Subhash Zambad, the chairman of Ajanta Urban Co-Op Bank, who is involved in the embezzlement of about Rs 21 crore case by breaking of Fixed Deposit of account holders.

Police had arrested Zhambad on April 8 in a case registered on the complaint of Chetan Bharuka of Bhagyanagar. After being sent to judicial custody, he submitted an application for regular bail.

During the hearing on the application, Assistant Public Prosecutor Nita Kirtikar opposed the bail. After the hearing of arguments, the court rejected Zambad's regular bail application.