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Hyderabad, Jan. 7 The Andhra Pradesh High Court on Wednesday granted conditional bail to Mr K.S. Raju, Chairman of the Nagarjuna Group, and Mr P K Madhav, Chief Executive Officer, Maytas Infra.

Mr Raju and Mr Madhav were arrested on December 15, 2008 on charges of cheating and defaulting payments of matured deposits in Nagarjuna Finance Ltd (NFL) and were remanded to judicial custody by a local court on December 16.

Mr Justice D.S.R Varma asked the two accused to surrender their passports to the authorities and to appear before the police twice a week. Two sureties for Rs 10 lakh are also to be furnished.

They were arrested under sections 420, 406 of the IPC and Section 5 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, for cheating the company’s fixed depositors across eight states. There were nearly 700 warrants issued by courts pending against them.

NFL had attracted fixed deposits of over Rs 98.3 crore from 85,160 customers by offering lucrative interest rates.

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