HC rejects bail of accused in Surana Group bank fraud case

CHENNAI: The Madras High Court on Thursday dismissed a bail petition filed by Vijayaraj Surana, who was allegedly said to be one of the directors of the Surana group of companies. It is noted that several top-level executives and employees of the Surana Group and its associated shell companies were arrested by the Serious Fraud Investigation Department (SFID).

Justice TV Thamilselvi rejected the petition filed by Vijayaraj Surana on the grounds that the accused could not seek bail as another accused in the case got bail.

The accused sought relief submitting that he was a director for only two out of the 15 companies, which were booked by the SFID. According to the counsel for Vijayaraj Surana, he already resigned from his post in the two companies long ago and he did not possess any role in the companies now. He also stated that he has no connection with the case and was wrongly implicated in this matter.

In October, a special court rejected the bail application of Vijayaraj Surana citing the ongoing investigation into the Surana group’s total liability of Rs 10,233 crore to several banks.

The CBI and Enforcement Direction filed the case against Surana group’s directors Dinesh Chand Surana, Vijayaraj Surana, Rahul Dinesh Surana, and a few employees of the Surana group for not paying the loan to the tune of Rs 10,233 crore to the several banks. Later, the SFID also slapped the case against the directors of the Surana group, and all the accused were arrested in the bank fraud case.