Nagpur: Nagpur Bench of Mumbai High Court on June 27 declined bail to the former chairman of Nagpur District Central Co-operative Bank and a former Maharashtra Minister of State, Sunil Kedar in Rs 150 crore gilt scam.

Justice S D Gundewar, who had reserved his orders on June 24 till June 27, pronounced the one line judgement rejecting the bail application moved by him. His bail application had earlier been rejected twice by the lower courts.

Kedar, who is presently lodged in central prison and is under magisterial custody, was arrested on May 3 by city police following a complaint against him by NDCC bank's general manager Ashok Choudhary and five broking firms, by district auditor Bhausaheb Avsar.

Pleading Kedar innocent, former advocate general of Maharashtra and defence counsel V R Manohar had on June 24 had told the Bench that Kedar had invested bank money in good faith but has been deceived by broking firms.

Prosecutor Prashant Sathianathan contended that Kedar was a political leader and had been a minister of state in Maharashtra and therefore he was likely to tamper with bank documents and influence the other co-accused in the scam.

PTI