High Court grants advance bail to Chikkarayappa

The Karnataka High Court on Friday granted anticipatory bail to T N Chikkarayappa, the suspended managing director of Cauvery Neeravari Nigama - accused in currency exchange racket and disproportionate assets case.

During the raid by the I-T department and Anti-Corruption-Bureau, around Rs 3 lakh in cash in the form of old and new currency notes was found in the residence of Chikkarayappa. It is alleged that Chikkarayappa had demanded Rs 3.84 lakh for sanctioning a building plan.

Justice P S Dinesh Kumar granted anticipatory bail to Chikkarayappa directing him to furnish a bail bond for Rs 5 lakh with two sureties for a like sum, on or before April 10. The judge directed Chikkarayappa to surrender his passport and restrained him from leaving the country. The court also asked him not to induce or threaten the witnesses in his case. The officer, however, informed the court that he has lost his passport.

The judge granted the anticipatory bail on the grounds that the Anti-Corruption-Bureau had not controverted the fact that though Rs 75 lakh in cash was found during the I-T raid, only Rs 3,80,450 had been recorded while drawing the inventory.

Meanwhile, Chikkarayappa withdrew another petition filed by him seeking quashing of the proceedings against him.