Nagarjuna Finance Scam bail
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Court grants conditional bail to Raju and Madhav in Nagarjuna Finance Ltd scam
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Nagarjuna Finance Ltd Scam

Court grants conditional bail to Raju and Madhav in Nagarjuna Finance Ltd scam
Two sureties of Rs. 10 lakh to be furnished

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Court grants conditional bail to Raju and Madhav in Nagarjuna Finance Ltd scam

Two sureties of Rs. 10 lakh to be furnished


The Chairman of Nagarjuna Finance Ltd., KS Raju and former director PK Madhav who are now in judicial custody were granted conditional bail by Justice DSR Varma of the AP High Court on Wednesday. The judge ordered both of them to surrender their pass ports to the authorities, appear before the police two times a week.

He also directed them to furnish two sureties of Rs.10 lakh each. Justice Varma passed this order on petitions filed by these two directors. KS Raju and Madhav were arrested on December 15 under the provisions of Andhra Pradesh Protection of Depositors of Financial Establishments Act following complaints by aggrieved depositors that the Nagarjuna Finance Ltd., defaulted payment of matured deposits.

Initially, there was stay on all the proceedings against the company and its directors but it was vacated by the High Court following which the police swung into action. Raju was shifted from Cherlapally jail to NIMS after complained chest pain.

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