CBI Court Denies Abhay Lodha's Discharge Plea in Bank Fraud Case

A special CBI court in the city has refused to discharge prominent businessman Abhay Lodha from an alleged bank fraud case, maintaining that his 'positive involvement' in the crime is evident.

The Central Bureau of Investigation asserts that Lodha, in collaboration with other accused individuals and bank officials, orchestrated a plot to defraud UCO Bank of Rs 74.82 crore. Lodha is noted for his role as promoter and managing director of Topworth Steels and Power Private Limited and the overarching Topworth Group.

The court, presided over by Judge V P Desai, concluded that the allegations against Lodha are not frivolous after hearing arguments from both sides. Lodha, who faces similar charges in six other cases, claims innocence, asserting he was neither a director of the implicated subsidiary AMPL nor involved in its everyday operations. Meanwhile, the prosecution presented evidence suggesting his significant control over AMPL, a part of the Topworth Group.

(With inputs from agencies.)