Lokmat News Network
Chhatrapati Sambhajinagar:
The Supreme Court on Friday, granted bail to Subhash Zambad, former MLC and chairman of Ajanta Urban Co-operative Bank. The court directed that Zambad be released on bail subject to its terms and conditions and after hearing the submissions of the government’s counsel. Conditional bail has been approved in the first of the two cases filed against him.
Zambad has been in custody since February 7, 2025. The charge sheet in the case was filed on September 26, 2024, with a supplementary charge sheet submitted on April 1, 2025. Co-accused in the matter had already been released on bail. Considering the facts and circumstances of the case, the Apex Court issued the above order.
Two separate cases
On October 18, 2023, a case was registered against Subhash Zambad at the City Chowk police station under various sections, including fraud. Subsequently, in November 2024, a second case was filed against Zambad and the bank’s directors for allegedly misappropriating ₹21 crore by showing fake deposits. The Supreme Court has granted conditional bail in the first of these cases.