September 12, 2019

Supreme Court Sets Aside Delhi High Court Order Granting Bail To Former Bhushan Steel CFO Who Was Held For Fraud

[ By Bobby Anthony ]


The Supreme Court has set aside a previous Delhi High Court order granting bail to Bhushan Steel's former chief financial officer Nittin Johari, who was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraud.

It may be recalled that Johari was arrested by the SFIO on May 2 for alleged fraudulent activities, including filing false documents with various banks.

The Supreme Court delivered its verdict on an appeal by the Serious Fraud Investigation Office (SFIO) challenging the August order of the Delhi High Court.

According to the SFIO, Johari had managed the affairs of Bhushan Steel and was looking after raising funds from banks and financial institutions, besides also being one of the signatories of the company’s financial statements until fiscal year 2016-17.

The SFIO has alleged that an investigation had revealed several alleged fraudulent practices at the company, including manipulations of accounts and financial statements during Johari’s term.

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