JAISALMER: Former SBI chairman Pratip Chaudhuri was arrested by Jaisalmer
police from his residence in Delhi on Sunday over an alleged fraud involving the sale of a hotel in Jaisalmer at a hugely undervalued price. He was remanded in judicial custody on Monday for 14 days after the chief judicial magistrate rejected his bail plea. He was sent to Jaisalmer jail. His advocate has filed another bail application in the district and sessions court; it will be heard on November 8.
Chaudhuri sold the Rs 200-crore property for just Rs 25 crore, when the owners defaulted on a loan, to a company named Alchemist ARC , it is alleged. After retirement, he became one of the directors in the company that had bought the hotel.
The CJM’s court agreed that selling the luxury hotel without getting it auctioned amounted to cheating. On October 23, the court issued arrest warrants against eight people, including Chaudhuri. The rest of the seven are…
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