India, June 29 -- A special court has refused to grant interim protection from arrest to Abhimanyu Bhoan, the former chief executive officer of the New India Cooperative Bank, in the loan fraud case involving the prominent entertainment, media and communications conglomerate, Percept Group. Bhoan is already under judicial custody in connection with the alleged embezzlement of Rs.122 crore from the cash reserves of the cooperative bank.

As per the EOW (economic offences wing) of police, the group had allegedly obtained a loan of Rs.77 crore from the bank, out of which Rs.18.56 crore was waived by senior bank officials after receiving kickbacks.

As per the FIR, the directors of the bank allegedly accepted Rs.6.37 crore in kickbacks for de...