Note exchange racketeer gets advance bail

The High Court on Monday granted anticipatory bail to Prashanth Govindaraju, one of the accused in the currency conversion racket, and brother-in-law of S C Jayachandra, another accused and suspended chief project officer of the State Highway Development Project. 

The Income Tax department during their raid, had found Rs 25 lakh in Jayachandra’s houses of which he had Rs 5 lakh in new currency of Rs 2,000 denomination.

Prashanth approached the High Court after CBI had issued a notice to him on learning from Jayachandra that Prashanth helped him get his currency exchanged. Prashanth, however, argued that there is no FIR against him and that he is entitled to anticipatory bail.

 Justice Rathnakala granted conditional anticipatory bail to Prashanth with Rs 1 lakh bond and a surety and granted permission to CBI to conduct the investigation and complete it within six months.  
DH News Service

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