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August 11, 2001
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Money > PTI > Report August 11, 2001 |
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Ketan Parekh remanded to police custody till Aug 18A local court on Saturday remanded stock broker Ketan Parekh to police custody till August 18 in a case filed by Madhavpura Mercantile Co-operative Bank for alleged appropriation of public funds. Parekh was arrested by CBI in Bombay on Friday and produced before a Magistrate in Ahmedabad on Saturday on a transit warrant. After the court remanded him to custody, CBI took him back to Bombay for interrogation. On March 30, Ketan was arrested in a Rs 1.37 billion pay order scam on a complaint filed by Bank of India. He was released on bail on May 21. Bank of India had alleged that pay orders issued by MMCB's Mandvi branch in Bombay in favour of Ketan's firms bounced but the money was credited to the account of the beneficiaries. Bank of India, thereby, suffered a loss of Rs 1.37 billion. MMCB filed a separate case in Ahmedabad alleging fraud and misappropriation of funds by some companies including those belonging to Ketan Parekh. The bank alleged that huge amount of money had been drained out. In the case filed by MMCB, Parekh feared arrest and hence moved the Bombay high court for bail. However, his plea was turned down. ALSO READ:
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