Supreme Court Cancels Order Granting Bail To Bhushan Steel’s Former CFO
Nittin Johari was arrested in May for alleged fraudulent activities at Bhushan Steel during his tenure as chief financial officer
The Supreme Court on Wednesday set aside the Delhi High Court order granting bail to Bhushan Steel's former Chief Financial Officer Nittin Johari, who was arrested by the Serious Fraud Investigation Office for alleged fraudulent activities.
A Supreme Court bench, headed by Justice NV Ramana, delivered the verdict on an appeal by the SFIO challenging the August order of the high court.
Johari was arrested by the SFIO on May 2 for alleged fraudulent activities, including filing false documents with various banks.
The SFIO has alleged that Johari, as Bhushan Steel CFO, was responsible for raising funds from banks and financial institutions and also one of the signatories to the financial statements of the company till 2016-17.
The SFIO has said that they have detected several alleged fraudulent practices at Bhushan Steel, including manipulations of accounts and financial statements, during Johari's term as CFO.