City-based businessman Ahmed A R Buhari, who the Enforcement Directorate arrested (ED) connected with a money laundering case, was refused bail by the Madras High Court on Monday.
The charge against Buhari, promoter of Coastal Energy Private Limited, was that he had supplied low-quality coal to the public sector undertakings of the State and the Centre by producing fraudulent certificates of sampling and analysis by suppressing the facts on its original quality. Justice G Jayachandran dismissed the bail plea today.
Buhari was arrested in the first week of March under the Prevention of Money Laundering Act (PMLA), 2002, by the ED after the CBI registered an FIR against him.
Investigations had revealed that Ahmed Buhari had generated over Rs 564 crore through the overvaluation of coal and diverted Rs more than Rs 557 crore through his companies before routing them back to the country.