Sanghi out on bail

Sanghi out on bail
Published: 05 April 2005

Indian cement baron Ravi Sanghi, arrested by the Directorate of Revenue Intelligence (DRI), was released on bail by the chief judicial magistrate’s court in Bhuj on Friday.  The country’s largest cement manufacturer, Sanghi Cement’s managing director, was arrested in Gandhidham on Monday under sections of cheating and forgery in a case of customs duty evasion of Rs 67 lakh against import of coal worth over Rs 2 crore which had been diverted to the open market thus violating export obligations.  Sanghi Cement had obtained duty exemption entitlement certificates after declaring itself a 100 per cent EOU.

Sanghi, who got admitted to the UN Mehta Cardiology Institute in Ahmedabad hours after he was sent to Bhuj jail, was released on a surety of Rs50,000 and on condition that he could not travel abroad without the permission of the court and that he co-operate with the investigations.