Former Gitanjali Group Executive Granted Interim Bail

Sunil Varma, former international head of Gitanjali Group of Companies, appeared before a special court in Mumbai in connection to the Rs 13,000 crore Punjab National Bank scam, where he was named as a key figure in establishing overseas dummy companies. The Central Bureau of Investigation (CBI) sought Varma's custody, alleging his involvement in availing buyer's credits worth Rs 3,011 crore through unauthorized LoUs. Varma, who had been absconding, claimed he had left the country before the FIR was filed. Despite CBI seeking custody, the court granted Varma interim bail and postponed further decisions to a later date. The Enforcement Directorate also implicated Varma, along with Mehul Choksi, in money laundering activities related to the scam.