TNN
Bangalore, Jul 14: The Supreme Court on Monday granted bail to Srinivas Shastry, who pulled off the multi-crore ViniVinc scam. He was granted two months’
bail based on his assurance that he would return money to all the depositors within the specified period.
Shastry told the court he had already refunded Rs 175 crore to the depositors and he had assets worth Rs 400 crore and if he was released on bail, he would clear all the depositors’ dues but the contention rejected by the lower courts. Shastry was arrested by the CoD in Vishakapatnam on 2005. About 20,000 investors lost Rs 203 crore to his wily ways.