The sixth additional chief metropolitan magistrate at Nampally today granted bails to two accused allegedly involved in the multicrore State Minorities Finance corporation scam.
The court granted bails to the accused No 1 CVK Sai Kumar and his associate accused No 2 Venkata Raman after the CID failed to file a charge sheet against them within 60 days of stipulated time. As per the criminal procedure code the investigating agency has to complete its investigation and file a chargesheet within the fixed two months time failing which the accused deserves the right to obtain bail.
The court while granting bails directed the accused to furnish two sureties of 30,000 each.
The Multicrore scam was unearthed in October this year after the CID arrested four accused CVK sai Kumar, Venkata Raman, Naveen Sagar and Kesava Rao and sent them to judicial custody and they were lodged in Chanchalguda jail.
–Bureau Report