Ex-NALCO chief's bail plea rejected

Special CBI Judge Sanjeev Jain dismissed the bail application saying that if Srivastava is released on bail, he may influence witnesses. The court also noticed one accused was still absconding.

While opposing Srivastava's bail plea, the CBI had said: "Probe in the case is still going on to establish the role of Vijay Madni of Hyderabad-based Maheshwari Brothers Ltd, who allegedly paid Rs.1 crore to Srivastava through co-accused B.L. Bajaj, and is still absconding.”

CBI had said that Srivastava should be not be granted bail as the allegations against him are of serious nature.

The CBI arrested Srivastava and Bajaj Feb 25, after it recovered about 10 kg of gold bricks and jewellery valued at around Rs.2.13 crore from Srivastava and Rs.30 lakh in cash from Bajaj.

Bajaj's wife Anita Bajaj, a co-accused in the case along with the NALCO chief's wife Chandani Srivastava, was arrested in the case Feb 25. They were, however released on bail.The court had denied Bajaj bail May 18.