Ex-Union Bank chairman Arun Tiwari gets bail in 50cr fraud
Arun Tiwari, former chairman and managing director of Union Bank of India, has been granted bail by a Mumbai court in a ₹50 crore fraud case.
He was accused of breaking bank rules to sanction and subsequently ratify credit facilities for Excel Metal Processors without proper sign-off.
The Central Bureau of Investigation (CBI) began investigating him in 2020 after a complaint by Rajiv Mishra, then deputy general manager of Union Bank, about his actions as chairman and managing director.
Court cites cooperation, imposes bail conditions
Even though the special public prosecutor opposed the application, the court noted he has been cooperating with investigators and that he would be subject to conditions ensuring his presence during trial.
His lawyers argued he had cooperated with the investigation, had never been arrested and had appeared before the court after being summoned, and the judge agreed, setting some conditions to make sure he appears for future hearings.