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Steel Magnate Lakshmi Mittal's Brother Pramod Granted Bail in 'Fraud' Probe

Pramod Mittal and two others had been detained for a month in view of the 'flight risk, repetition of criminal acts and breach of public order'.

AFP

Updated:July 31, 2019, 7:42 PM IST
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Steel Magnate Lakshmi Mittal's Brother Pramod Granted Bail in 'Fraud' Probe
Pramod Mittal, majority owner of Bulgaria's largest steelmaker Kremikovtzi, speaks during a news conference in Kremikovtzi, near Sofia, February 1, 2008. Mittal said on Friday he was not in a hurry to sell the loss making mill and would wait for a financial adviser to consult him first. U.S. Steel Corp. and two Ukranian billionaires, Konstyantin Zhevago and Rinat Akhmetov, have been interested in buying Kremikovtzi, plant officials have said this week. REUTERS/Stoyan Nenov (BULGARIA)
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Sarajevo: Industrialist Pramod Mittal, brother of steel magnate Lakshmi Mittal, was released on Tuesday after payment of 12.5 million euros, a week after his arrest in a Bosnian fraud probe, a prosecutor said.

Pramod was caught up in the inquiry following the suspicious transfer of 21 million Bosnian marks (nearly 11 million euros, $12 million) from the bank account of a coking plant between 2006 and 2015. The 62-year-old head of the supervisory board of GIKIL, which operates a coking plant in the northeastern Bosnian town of Lukavac, was arrested last Tuesday.

Two other company officials -- general manager Paramesh Bhattacharyya and another member of the supervisory board, Razib Dash -- were also arrested.

A court in Tuzla, in the northeast on Tuesday "annulled the provisional detention order and all (three) suspects have been released," prosecutor Cazim Serhatlic told AFP. They had been detained for a month in view of the "flight risk, repetition of criminal acts and breach of public order".

Bail for Mittal was set at one million euros and 250,000 euros for the other two Indians. All three were forbidden to hold any senior positions at GIKIL.

Serhatlic said an "insurance" of 11 million euros was also paid into a special account and had to remain there until the end of the proceedings.

The company was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK). In operation since the 1950s, the coking plant employs around 1,000 people.

In India, Lakshmi Mittal, CEO of global steel giant ArcelorMittal, has reportedly spent millions to keep his cash-strapped younger brother afloat.

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