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Ketan Parekh alleges police ill-treatment; to appear in court on May 18

Stock brokers, Ketan Parekh, Kartik Parekh and Jatin Sarvaiya, held on the charge of swindling a foreign company of Rs 832 million, have been summoned to a court on Saturday following their complaint of ill-treatment in jail.

Magistrate A B Shelar, hearing a complaint filed by the trio on Friday, ordered the police to produce the three accused in the court on Saturday to record their statements.

After hearing Prenov Badheka, the counsel for the accused, the court directed the cops to get them medically examined and submit reports for perusal.

The complaint alleged that all the three accused were ill-treated by the police and beaten up in the lock-up.

On Wednesday, the three were remanded to police custody till May 22 on charges of duping European Investment Ltd, a Mauritius-based company. The court had also refused them bail.

Ketan, Kartik and Jatin, directors of Triumph International Finance (India) Ltd, were arrested on the basis of a complaint filed by Briyanand Chaturvedi, the attorney for European Investments Ltd.

The foreign company purchased and sold shares through Ketan Parekh's firm, Triumph International. In February 2001, European Investment had placed an order with Triumph to sell 550,000 shares of Global TeleSystems and 350,000 shares of Himachal Futuristic Communications Ltd. For this transaction, the company was to receive Rs 830 million, the complaint alleged.

Ketan's firm issued cheques to meet their liability. However, these cheques were dishonoured.

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