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HC grants bail to ex MD in UCX case

Mumbai, Mar 21 (UNI) The Bombay High Court granted bail to a former MD and CEO Praveen Kumar Pillai of Universal Commodity Exchange (UCX) in an alleged financial fraud case registered by Economic Offences Wing, Mumbai, in an anticipatory bail application represented by advocate Aashutosh Srivastava.
The Universal Commodity Exchange (UCX) was launched under one Mr. Ketan Sheth (Founder) along with the shareholdings given to PSUs such as, National Bank for Agriculture and Rural Development (16%), Rural Electrification Corporation (16%), IFFCO (15%), and IDBI Bank (10%).
After a suspected financial scam, UCX activities were stopped in 2014. Praveen Pillai, the former managing director and CEO, filed a complaint against Mr. Ketan Sheth with the Joint Commissioner of Police, EOW. However, no action was initiated by EOW at that time. Later next year, Pillai resigned from the company, said Adv Srivastava.
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