Cash pile accused Justice Yashwant Varma was named in CBI's FIR for alleged corruption, SC junked it later

The company was accused of transferring a huge loan taken from the Oriental Bank of Commerce to its own accounts instead of distributing among farmers for their agricultural equipment.

Varma, who was a non-executive director in the company before his elevation as a judge of the Allahabad High Court in 2014, was accused of criminal misconduct, cheating and criminal conspiracy.

Simbhaoli Sugars Limited was declared as a suspected fraud for Rs. 97.85 crore by the bank.

The company was accused of misappropriation and criminal breach of trust.

The CBI had filed an FIR against Simbhaoli Sugars Limited directors and others including Varma, who was described by the probe agency as "non-executive director".

Varma was named at 10 in the list of accused people in the CBI's FIR.

Varma's name was however removed a short while after the FIR was filed, CNN News 18 reports.

The Supreme Court last year said the Allahabad High Court had made a mistake by ordering a CBI probe into the case.

What happened at Justice Varma's house?

A fire at Justice Varma's residential bungalow led to the recovery of a huge pile of unaccounted cash, prompting the Supreme Court collegium to transfer from the Delhi High Court to the Allahabad HC.

Justice Varma was out of town when a fire broke out at his residence last week. Justice Varma's family members had called the fire brigade.

But when the firefighters doused the fire, a huge pile of cash was discovered inside a room.

Police were called by the firefighters.

The accidental discovery, which left the judiciary red-faced, led Chief Justice of India (CJI) Sanjiv Khanna to call an immediate collegium meeting.

Justice Varma is yet to respond to the discovery of cash at his residence.