Court Denies Bail in Major Financial Fraud Case
The Orissa High Court denied bail to two accused in a significant financial fraud case involving the Gandhamardan Loading Agency and Transporting Co-operative Society. The court cited the influence of the accused and the need for ongoing investigation, highlighting misappropriations totaling over Rs 175 crore.
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In a major development, the Orissa High Court has declined bail requests from two individuals implicated in an extensive financial scam linked to the Gandhamardan Loading Agency and Transporting Co-operative Society Ltd.
Justice Gourishankar Satapathy emphasized the importance of balancing personal freedom with public interest, citing substantial evidence that the accused could potentially manipulate witnesses. With the fraud's scope and ongoing scrutiny, the court deemed bail inappropriate at this stage.
The investigation revealed that society leaders allegedly misused funds worth up to Rs 50 crore annually since 2017, disguising illegal mining profits as legitimate transactions, leading investigators to unearth significant financial discrepancies.
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