India, Aug. 17 -- A special Central Bureau of Investigation (CBI) court recently refused to discharge Ramnath Pradeep, 73, the former chairman and managing director (CMD) of the Corporation Bank (now Union Bank of India), in the Parekh Aluminex loan fraud case.

Special CBI judge BY Phad observed that the prosecution had presented documentary and oral evidence to support specific and serious accusations levelled against him. The allegations against the 73-year-old Wadala resident are based on a pattern of deliberate and interconnected acts, said the court. "A full-fledged trial is necessary to determine the truth of the accusations."

The CBI registered the case against Parekh Aluminex and its late chairman and managing director (CMD) Ami...