Jalna Bank Loan Fraud: Gopal Agarwal Gets Interim Bail

Bank chairman Gopal Agarwal was absconding for six months; 12 accused arrested in Rs 53.24-crore case

JALNA: Gopal Agarwal, chairman of Motiram Agarwal Jalna Merchant Cooperative Bank, formerly known as Jalna Merchant Bank, has been granted interim bail by the Aurangabad bench of the Bombay High Court in connection with an alleged bank loan fraud case involving more than Rs 53 crore, police said.

Agarwal, who had been absconding for nearly six months, appeared before the Economic Offences Wing (EOW) on Monday and submitted a copy of the High Court’s interim bail order, Assistant Police Inspector Mithun Ghuge said.

“So far, 12 accused have been arrested in the case and are in judicial custody. Agarwal, who was absconding, has secured interim bail from the High Court,” Ghuge said.

The police official said Agarwal had been directed to appear before the EOW on Tuesday to complete the necessary formalities in accordance with the court order.

The case pertains to an alleged fraud in which loans were obtained from the Jalna Merchant Cooperative Bank by submitting forged documents relating to goods shown as pledged collateral in warehouses.

The case was initially registered over an alleged fraud of Rs 23.33 crore. However, subsequent investigation by the EOW found that the alleged scam was larger, with the amount involved estimated at Rs 53.24 crore, police said.

Three more accused were arrested recently, taking the total number of arrests in the case to 12.

Further investigation into the alleged financial fraud is underway.