Two weeks after SRM Group Chairman TR Pachamuthu was arrested on charges of cheating more than 100 parents of several lakh rupees each with the promise of allotting medical seats to their children, a sessions court in Chennai has granted bail to the education baron.
His bail was granted on the condition that he deposit Rs 75 crore in court, surrender his passport and appear before the police at 10:30am for 15 days. A personal bond of Rs 10 lakh has also been sought along with a two sureties.
On August 26, he was arrested by the Chennai police and later produced before the XI metropolitan magistrate at Saidapet and was remanded to judicial custody.
On August 30, the police were given his custody for 10 hours for the purpose of interrogation, after which he returned to judicial custody.
Pachamuthu was arrested after the Madras HC had rapped the police for not questioning his role in a medical admission scam. According to complaints lodged with the police, S Madhan of Vendhar Movies had collected Rs 75cr from parents to secure admission in the medical college belonging to SRM group. However, Madhan disappeared in May after a purportedly writing a note that the money collected from the parents have been given to the SRM Group, and that he was going to kill himself.
Reacting to that Pachamuthu in a statement said he is not connected with Madhan as he was expelled from IJK party, the party the education baron founded.