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Kartik Parekh arrested; Ketan Parekh produced in court

Sheela Bhatt and Priya Ganapati in Bombay

The Central Bureau of Investigation on Saturday arrested Kartik Parekh, a relative of leading Bombay-based stock broker Ketan Parekh, and an official of the Madhavpura Mercantile Co-operative Bank in connection with the Rs 1.37-billion pay-order scam.

Meanwhile, big bull Ketan Parekh was produced in the sessions court before the Judge A R Joshi on Saturday afternoon.

Parekh was being interrogated by the CBI branch office of Bank Securities and Fraud Cell at White House in Bombay.

Parekh was not allowed to go home and had to spent the night in the same office and nearly at 2 pm, Hemant Nagrale, Superintendent of the CBI took him to the sessions court.

Sources said that Kartik and Jagdish Pandya, branch manager of the Mandvi branch of the bank, were arrested by sleuths of the Bank Securities and Fraud Cell of the agency in Bombay.

The CBI was questioning Ketan Parekh's relative and co-promoter in Panther Investrade Limited Kartik Parekh at the CBI headquarters in White House, Bombay regarding the Madhavpura Bank case.

CBI sources also said a special team is searching for Ramesh Parikh, chairman, Madhavpura Bank who has been absconding.

Meanwhile, CBI is investigating the premises of Dinesh Pandya, general manager of Madhavpura Bank in Ahmedabad.

Additional inputs: PTI

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