MUMBAI, Oct 18: A special court designated under the Prevention of Money Laundering Act (PMLA) has rejected the bail application of industrialist Nihal Garware, who is accused in a case related to a fraud in the Jammu and Kashmir Bank.
The accused was arrested in March by the Enforcement Directorate (ED) on charges of receiving kickbacks to the tune of over Re. 12.82 crores for buying a property for the bank in 2010.
It alleged that he caused a loss of around Rs. 100 crores to the bank. The bail plea was filed in April. (UNI)
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