Court defreezes BEML's bank account

The 7th additional chief metropolitan magistrate’s court on Thursday directed the police to defreeze the bank account of BEML which had been frozen by the Malleshwaram police in connection with a Rs35 crore cheating case.

The court heard the arguments both of BEML’s advocates and the public prosecutor last week. The order was reserved for Thursday. Judge Jayashankar, however, asked the police to continue its investigation into the case, and ordered BEML to provide a Rs17 crore indemnity guarantee bond.

The Malleswaram police had frozen the account to investigate the allegations of cheating made by city-based Dreams Logistics managing director Vivek Hebbar against BEML chairman and managing director VRS Natarajan and two others. The trio had been accused of cheating Dreams Logistics, which deals in iron ore, to the tune of Rs35 crore. An FIR against was registered on April 14.