Chennai, Mar 17 (PTI) Ahmed A R Buhari, promoter of Coastal Energy Private Limited, who was arrested by the ED under the Prevention of Money Laundering Act 2002 involving Rs 564.48 crore has moved the Madras High Court seeking bail.

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The charge against him was that he had quoted over valuation of coal prices whereby the PSUs paid higher price for the purchase of coal.

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Originally, he moved the Principal Sessions Court, which rejected his plea for bail. Hence, he preferred the present bail application before the High Court. It came up before Justice G Jayachandran, who adjourned it to Monday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)