Graft case: No bail for former NALCO chief

A Delhi court today rejected former the bail plea of former NALCO chief AK Srivastava, arrested for allegedly taking bribe from a private firm in return for grant of lucrative contracts, saying if released he may influence the witnesses.

While opposing Srivastava's bail plea, CBI had said the probe in the case was still on to establish the role of one Vijay Madni of Hyderabad-based Maheshwari Brothers Ltd who allegedly paid Rs1 crore to Srivastava through co-accused BL Bajaj and who is absconding.

CBI had said Srivastava should not be granted bail as the allegations against him are of serious nature and he has to be confronted with Madni.

Srivastava was arrested on February 25 along with his wife Chandani, alleged conduit Bajaj and his spouse Anita, after CBI recovered about 10 kg of gold bricks and jewellery valued at around Rs2.13 crore as also Rs30 lakh in cash from their possession.

The court had on May 18 refused bail to Bajaj while it had granted bail to three other accused in the case, including Bhatia group of industry official Ratan Pal Singh, Chandani and Anita Bajaj saying they are unlikely to flee from justice and tamper with evidence.