The Madurai Bench of the Madras High Court has granted bail with conditions to one of the main accused in the Kumbakonam financial fraud case, M.R. Ganesh. Earlier, the court had granted bail to his brother M.R. Saminathan, also a main accused in the case.
The brother’s known as ‘Helicopter Brothers’ of Kumbakonam, Thanjavur district have been accused of cheating several investors in Kumbakonam. The brothers were operating a dairy business in Kumbakonam. They were also running a financial company.
The case of the prosecution was that the brothers induced several persons to invest in their company under various schemes. Later, the accused brothers failed to repay the money to the investors.
The State submitted that the Economic Offences Wing (EOW) was still receiving complaints from the investors and some of the properties of the accused brothers had been attached. The State opposed the bail petition.
Justice R. Tharani took into account the fact that the charge sheet in the case was not filed on time and observed that the petitioner was entitled to statutory bail. The court granted bail to the petitioner with conditions – that the petitioner must report before the EOW daily till further orders. In his petition, Ganesh said that he was having health problems and was in judicial custody for more than 150 days.
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