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Madhavpura Bank chairman, CEO held

Madhavpura Mercantile Co-operative Bank chairman Ramesh Parikh and its chief executive officer Devendra Pandya, who allegedly misused the bank's deposits worth billion, were on Monday arrested under the provisions of Prevention of Anti-Social Activities Act in Ahmedabad.

The PASA detention order against Parikh and Pandya was issued by city Police Commissioner P C Pandey, police said.

Parikh had arrived a few days ago and got himself admitted to a private hospital for a heart ailment after being released on bail by a special court in Bombay where he was arrested by CBI for his alleged role in the multi-million-rupee pay-order scam.

Parikh and Pandya have been sent to Porbandar and Jamnagar Central Jails respectively after their detention under PASA, police said.

MMCB's administrator S Ramachandran had on April 21 filed a criminal complaint for cheating, forgery and breach of trust against Parikh, Pandya and the bank's Bombay branch manager Jagdish Pandya.

The Madhavpura police had registered a case against them under various sections of the IPC and also under provisions of the Banking Regulation Act.

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