New Delhi [India], October 26 (ANI): A Delhi court reserved the order on the bail petition of Rajiv Saxena, who was arrested by the Enforcement Directorate last month in a connection with an alleged bank loan fraud case.

Special Judge Sanjay Garg on Monday reserved the order for October 29 after the conclusion of the submission made by both sides, said the court order copy.

Also Read | PhonePe Clarifies UPI Money Transfers, Offline & Online Payments Are Free: Report.

Zoheb Hossain, Special Counsel for ED with N.K. Matta and Mohd. Faraz, Special Public Prosecutors appeared for the central agency, while N Hariharan, Senior Counsel with R. K. Handoo and Rajat Manchanda, Counsels appeared for Rajiv Saxena in the matter.

Saxena was arrested by the ED on September 12 in connection with a bank loan case related to the Central Bank of India. The nationalised bank had accused Moser Baer, its director and others of defrauding the bank of Rs 354 crore, claiming that the company and the director had allegedly forged and fabricated documents to induce the Central Bank of India to release funds.

Also Read | 7th Pay Commission Latest News: Major Hike in Salary for Central Govt Employees as DA Rate Reaches 31%, Check Calculation Here.

In 2019, the CBI had filed a case against Ratul Puri, former executive director of Moser Baer India Limited (MBIL), his father Deepak Puri and others on a complaint from the Central Bank of India. Businessman Deepak Puri is also a relative of former MP Chief Minister Kamal Nath.

According to the Enforcement Directorate, Saxena's Dubai-based firms were the entities through which the proceeds of crime have been routed and "further layered and integrated into buying the immovable properties/shares, among others".

Rajiv Saxena was deported from Dubai and arrested for the first time on January 31, 2019, in the case of VVIP Chopper bribery and money laundering case.

Later, he turned approver in the case and was granted bail after giving an undertaking that he would reveal all information pertaining to the bribes received from defence middlemen in the Rs 3,600 crore AgustaWestland chopper deal.

Thereafter, the ED approached the court and challenged his approvership and also sought bail cancellations stating his misleading the investigation and not disclosing the information as promised by him in his statements. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)