India, Sept. 21 -- A special Central Bureau of Investigation (CBI) court on Saturday granted bail to former Union Bank of India chairman and managing director Arun Tiwari in a Rs.50-crore bank fraud case. Tiwari is accused of abusing his position and consciously violating the bank's guidelines while sanctioning and subsequently ratifying credit facilities to a private company, Excel Metal Processors Pvt Ltd.

According to the order by special judge PB Ghuge, the CBI had registered the case against Tiwari on March 9, 2020 on the basis of a complaint by Rajiv Mishra, then deputy general manager of Union Bank.

The agency alleged that Excel Metal Processors, through its directors Mohammed Iqbal Khan and Imran Khan, opened six Letters of Cred...