HC grants bail to Peshwe

HC grants bail to Peshwe

The High Court of Karnataka on Monday granted bail to Lakshman Rao Peshwe, the engineer who was raided by the Lokayukta police when he was the managing director of the Karnataka Neeravari Nigama Limited, for allegedly possessing assets disproportionate to his known sources of income.

Justice V Jagannathan, who heard the matter, granted him conditional bail. He directed Peshwe to furnish a bond for Rs two lakh along with two sureties. The court has directed him not to tamper with the evidence or the witness. He has also been directed not to leave the country without obtaining prior permission. Peshwe has been asked to present himself before the Lokayukta investigating officer on the 20th of every month. The Lokayukta police have been given the liberty to seek cancellation of the bail if there is any violation of the conditions.

Earlier, the Lokayukta police had submitted to the High Court that the percentage of disproportionate assets had crossed 1000.

Peshwe approached the High Court, after the Lokayukta court rejected his bail application following his arrest. The police had conducted raids on several of his properties on June 22.

Five places belonging to Peshwe yielded large sums of foreign currency amounting to Rs 2.07 lakh. Police also seized documents pertaining to two flats in Jayanagar, one flat on Kanakapura Road, two houses at BHEL Layout in Kengeri, four sites on Hennur Banaswadi Road and one site in Horamavu. The registration value of all these properties is estimated to be Rs 2.83 crore. His bank accounts, deposits and cash are worth more than Rs 1.3 crore. 

Later, police recovered more properties amounting to nearly Rs 4.2 crore.

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