Convicted former RBI officer granted bail in wealth case

August 29th, 2008 - 8:32 pm ICT by IANS  

Chennai Aug 29 (IANS) Former Reserve Bank of India employee S.R. Baskaran, convicted to five years’ imprisonment for amassing wealth disproportionate to his known sources of income, was granted bail Friday by the Madras High Court upon furnishing a bond of Rs.2 million. Judge K. Mohan Ram accepted the plaintiff’s plea of inability to deposit the fine levied upon him in cash and allowed the deposit of a property-based bond for a like amount.

Following prosecution by the Central Bureau of Investigation, Baskaran and his wife Srikala had been convicted Tuesday to five and three years’ rigorous imprisonment, respectively, for possessing assets disproportionate to their known sources of income.

While a fine of Rs.2 million was imposed on Baskaran, his wife was fined Rs.1 million.

Srikala had been granted bail immediately upon filing an appeal.

The couple is distantly related to Sasikala Natarajan - a close confidante of AIADMK boss J. Jayalalitha.

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