New Delhi: Dalal Street whiz Nimesh Kampani is facing arrest after the Supreme Court on Monday refused to stop criminal proceedings against him in the Nagarjuna Finance scam case.
The bench headed by Justice Altamas Kabir, however, allowed Kampani to seek anticipatory bail.
The Mumbai-based investment banker and other executives of the Hyderabad-based non-banking financial company are under investigation for the firm's alleged failure to return around Rs 98.3 crore collected from 85,160 depositors in 1997-98.
They are wanted by the Andhra Pradesh Police in the Nagarjuna Finance scam case.
Kampani was an independent director of the company from 1989 to 1999. Kampani was reportedly in Dubai and moved the Supreme Court in March.
Kampani's personal wealth is valued at $1.3 billion according to Forbes Magazine. According to same magazine, he is the 42nd richest Indian and 897th richest man in the world.
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