MUMBAI, July 16 -- While denying bail to Ketan Kadam, CEO of Virgo Specialties Pvt Ltd, in the Mithi River desilting fraud, the sessions court called him "the key person in the conspiracy" who "personally gained various amounts" through manipulation of tenders to create a monopoly for his firm. The detailed order, passed on July 11, became available on Tuesday. Kadam and Virgo director Jay Joshi are among 13 people booked by the Economic Offences Wing (EOW) of the Mumbai Police in May for their alleged role in the Rs.65.54-crore fraud. The accused include three civic officials, three intermediaries, five private contractors, and two company executives. According to police, the case involves inflated tenders and financial irregularities, among other corrupt practices linked to desilting work awarded for the desilting of the Mithi River between 2019 and 2024. The court noted that Kadam's release could risk interference with the investigation and influence key witnesses. He was arrested on May 6 and is facing charges under multiple sections of the Indian Penal Code, including cheating, criminal breach of trust, conspiracy, and forgery. According to the prosecution, Kadam allegedly worked with officials of the Brihanmumbai Municipal Corporation (BMC) to frame tender conditions that compelled contractors to rent or purchase desilting machines only from Virgo. The court highlighted that even before Virgo acquired the machines or signed any agreements, Kadam paid for flights and hotel accommodation for BMC officials who visited Delhi to inspect equipment. "If applicant would have acted merely as an employee, he had no reason to spend money from his personal account on flight tickets and hotel expenses of BMC officers prior to execution of tripartite agreement (MOU) and Agreement of Hire with the contractors," the court observed. "This clearly shows involvement of the applicant as a conspirator." Although the tender technically allowed freedom of choice, a tripartite agreement signed in January 2021 restricted machine suppliers from selling or leasing to anyone other than Virgo. The court held that this arrangement effectively created a monopoly: "It is nothing but creating monopoly of Virgo by the contractors." The hire agreements that followed charged contractors up to Rs.30 lakh for a single machine, the court noted. The order also detailed how Kadam allegedly used shell firms such as Woder India LLP and Group Solutions to divert funds and create fake hire agreements. One such firm reportedly entered into a rental contract without owning any equipment. A sum of Rs.2.41 crore was also allegedly found to be transferred from machine supplier MAPTROP Ltd to Kadam's personal account, which the court said had no proper justification. Kadam had alleged that his arrest violated constitutional safeguards under Article 22(1). However, the court found that the arrest was legal and that police had followed due process, including informing a relative at the time. Dismissing his bail plea, the court rejected Kadam's claim for parity with co-accused Joshi, who was granted bail in June, and called their respective positions contradictory. "It seems that blame game is started, as applicant is now blaming co-accused Jay Joshi to escape from the criminal liability and to get bail," the court remarked....