Ex-Kemrock MD denied bail

Vadodara: A sessions court on Saturday denied bail to former managing director of Kemrock Industries and Exports Ltd, Kalpesh Patel for in connection with the Allahabad Bank cheating case.
Patel had sought bail from the court on August 30 pleading innocence in the case. However, his bail was opposed by the cops who contended that Patel will again flee to the United States if he is allowed bail and will again repeat his crimes. “The bail applicant had sold his factory for Rs 650 crore and paid the banks only Rs 141 crore. Even though his economic condition was fine, he did not repay the loans which only resulted in the loss of public and shareholders’ money,” district government pleader Anil Desai argued in the court while opposing Patel’s bail application.
Desai also argued that he had used the loan money for other purposes and when he has cheated the bank, the case is of criminal in nature as per the Reserve Bank of India’s guidelines.
The court of additional district judge M K Chauhan upheld Desai’s argument and denied bail to Patel.
Patel, who was arrested on August 22 by the detection of crime branch, has been accused of cheating Allahabad Bank of Rs 443 crore. It has been alleged that the forensic audit report revealed that KIEL bought land worth Rs 250 to Rs 300 crore in the special economic zone (SEZ) of Sterling Industries in Sarod village at Jambusar from the loan amount. The bank kept making efforts to recover their loan amount from Patel but to no avail.
Patel is also facing another cheating case for conning a private finance company. Patel and his wife Binita were booked at Sayajigunj police station after Shailesh Singhal, director of Trust Fin Stock Pvt Ltd, filed a case against the duo.