Chhatrapati Sambhajinagar
Sessions Judge P.P. Sharma on Wednesday extended the police custody of Subhash Zhambad, former Ajintha Urban Bank chairman, in a Rs 97.41 crore fraud case until February 18.
During the police custody period, officials interrogated Zhambad regarding 36 FDOD loan cases, forged bank balance certificates, the involvement of other accused in the crime, total deposits of bank depositors, and related records. While he provided information on some matters, he evaded answering several crucial points. Police also questioned him based on newly discovered aspects in the forensic audit, but he continued to give vague and misleading responses. As Zhambad’s police custody term ended, he was presented before the court on Wednesday. Assistant Public Prosecutor B.R. Loya informed the court that in 2022-23, Zhambad had submitted forged bank balance certificates from various banks. Additionally, he showed incorrect and inflated balances in certain bank accounts compared to the actual available amounts. Authorities still need to gather complete information regarding his movable and immovable assets, among other aspects. Hence, an extension of his police custody was requested.