By Our Correspondent
NEW DELHI/BHUBANESWAR: The Supreme Court has rejected the bail plea of former chief financial officer of Bhushan Steel Nitin Johari who came to court claiming that the fraud alleged against him by the serious frauds investigation office has 287 other accused while he alone was still in jail. A three-judge bench headed by Chief Justice SA Bobde remarked “You are the brain behind it.”
The SFIO arrested Johari in May 2019 and filed a charge-sheet the same year claiming that while as CFO, Johari fraudulently obtained letters of credit from banks worth nearly Rs 20,000 crore by furnishing false documents.
SFIO further alleged in the chargesheet that during 2016-17, Johari inflated the inventory of raw materials to avail enhanced working capital from lenders
