CHENNAI: A Special Court for CBI Cases dismissed a bail petition moved by Ahmed AR Buhari, promoter of Chennai-based Coastal Energy Private Limited (CEPL).

The Enforcement Directorate (ED) had arrested Ahmed AR Buhari, promoter of Chennai-based Coastal Energy Private Limited (CEPL), in a money-laundering case involving overvaluation of coal imported for supply to public sector undertakings.

It was alleged that Ahmed AR Buhari generated Rs 564.48 crore through CEPL and CNO group entities, the United Arab Emirates and routed the same back to India via British Virgin Islands (BVI) and Mutiara Energy Holdings (Mauritius) to invest in Coastal Energen, India.

The ED probe is based on a First Information Report registered by the Central Bureau of Investigation (CBI) in 2018 against Ahmed AR Buhari and others who included unknown officials of the National Thermal Power Corporation (NTPC), the Metals and Minerals Trading Corporation (MMTC) and Aravali Power Company Private Limited (APCPL). Subsequently, Ahmed AR Buhari filed a bail plea in the Special Court for CBI Cases, Chennai. When this bail plea came up for hearing before XIII Additional Judge of Special Court for CBI Cases, AK Mehbub Ali Khan, the petitioner contended that the court should grant a bail as he was arrested in March, 2022 and the trial is still underway for more than a year. Responding to this, the ED informed that even though the investigation of Ahmed AR Buhari has been completed, there is no need to grant legal bail as the investigation is still underway regarding the officials of the PSUs associated with him and the investments made abroad. Hearing the arguments, the court dismissed Buhari's bail plea.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android