A special CBI court on Friday granted bail to eight executives named in the recent bribe-for-loan case. The court granted bail to Mr R.R. Nair, CEO of LIC Housing Finance, and seven other banking and brokerage officials for a surety of Rs 2 lakh each, after observing that their custody is not necessary any further during the investigation of the case.
On Friday morning, all eight had been sent to judicial custody till December 16 by the Court. After that they requested for bail.
The court has, however, directed the accused to not tamper with evidence or leave the country.
The CBI counsel has sought custody of Mr Sanjay Sharma, Mr Rajesh Sharma and Mr Suresh Gattani in a separate case that is still pending. This case will be heard on Saturday.
"CBI had filed five cases in this scam. While Mr Rajesh was shown as arrested in only two cases, Mr Sanjay and Mr Suresh were arrested only in one case," said counsel for CBI.
All eight, though, will have to spend Friday night in Arthur Road jail as the bail announcement came in after 6 p.m. The eight accused will be freed on Saturday when payments for the bail amounts are made.
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