The businessman suffered from frequent seizures, which doctors said were due to stress and severe depression, as he was severely claustrophobic
MUMBAI: A special Prevention of Money Laundering Act (PMLA) court has last week granted temporary bail for medical reasons to Abhay Lodha (53), promoter of Topworth Steels and Power Pvt Ltd (TSPPL), booked for allegedly defrauding IDBI Bank to the tune of ₹60.28 crore. “It is necessary to grant interim relief to the applicant to change his environment, so that medical treatment provided to him can work,” special judge A U Kadam said while granting temporary bail to Lodha for a month.
The businessman suffered from frequent seizures, which doctors said were due to stress and severe depression, as he was severely claustrophobic. Earlier, the special court had declined temporary bail to the 53-year-old businessman observing that he was not suffering from any life-threatening ailment and could be treated in jail. He was also permitted to get admitted to a private hospital of his choice, for better treatment.
The special judge, however, noted that the reports obtained by the Enforcement Directorate (ED) from JJ Hospital confirmed findings of the private hospital that his condition was life-threatening and suggested to change environment for the medication to work on him.
The court also noted that Lodha suffered brain haemorrhage while he was in jail in March this year and could not get immediate treatment, but neither the jail hospital nor the jail superintendent had brought that to the court’s notice.
The special court therefore granted Lodha temporary bail for a month on furnishing a personal bond of ₹1 lakh and one or two sureties in the same amount. He has been restrained from leaving Greater Mumbai and asked to follow medical advice and not indulge in any social activities.
ED arrested the 53-year-old on August 31, 2023, in connection with the money laundering case registered against him and some others connected with TSPPL in February 2022. The money laundering probe in turn was based on an FIR registered by the Central Bureau of Investigation (CBI) on January 4, 2019, for allegedly defrauding IDBI Bank to the tune of ₹60.28 crore.
According to the ED, TSPPL was engaged in sponge iron manufacturing and on May 25, 2014, IDBI Bank had sanctioned letter of credit (LC) / trade credit bank guarantee (TCBG) limit of ₹50 crore to the company. Around a year later, in March 2015, the LC/TCBG limit was enhanced to ₹60.28 crore.
The agency also said that Lodha used to use two mobile phones – both registered in the names of people completely unrelated to him, and high-end cars registered in the name of his friends.