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Ketan Sheth remanded to judicial custody till June 7

A special CBI court on Monday remanded Ketan Sheth, prime accused in the Rs 930 million seamen's provident fund scam, to judicial custody till June 7.

The Central Bureau of Investigation has charged Sheth with diverting seamen's provident fund to the government securities market through his firm Giltedge. CBI is also probing his links with Home Trade CEO Sanjay Agarwal and their role in the Rs 3.5 billion government securities scam.

He had been arrested on May 15 and remanded to CBI custody till May 27.

The court also directed the jail authorities to hand over the accused to Mumbai police's economic offences wing for investigation into a case involving Raghuvashi Cooperative Bank, one of the banks, which lost money in the G-secs scam.

On May 17, the Securities and Exchange Board of India, barred Sheth and Giltedge group of companies from trading in securities till May 30.

UNI

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