May 15, 2002 | 1735 IST
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Money > PTI > Report May 15, 2002 | 1735 IST |
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Ketan Sheth remanded to CBI custody till May 27A special court on Wednesday remanded Giltedge Securities promoter Ketan Sheth to CBI custody till May 27 for his alleged involvement in the Rs 928 million Seamen's Provident Fund Organisation scam. The court was informed that during the investigations, Sheth had admitted to having siphoned off several millions to his firms, including Giltedge. Justice V D Salvi, on request of Sheth's lawyers Amit Desai and Vijay Garg, has allowed him to have home food and medicines as the accused pleaded that he is suffering from blood pressure problem. Public prosecutor Gul Asnani argued that investigations were not yet complete and the agency needed time till May 27. Sheth, who surrendered before Central Bureau of Investigation in Mumbai on Tuesday, is the third accused to be arrested in this scam after Home Trade Ltd's CEO Sanjay Agarwal and Seamen's PF organisation's ex-commissioner A K Ghond. The CBI and the Maharashtra Criminal Investigation Department were on the lookout for Sheth, who along with Agarwal, is allegedly involved in defrauding seamen's provident fund as well as the Nagpur District Central Co-operative Bank to the tune of Rs 1.50 billion. The CBI's bank fraud and securities cell has registered a case against all the three under section 420 (cheating), 409 (breach of trust), 468 (forgery) of Indian Penal Code and section 13 of Prevention of Corruption Act. The charge against Ghond is that he violated his official position by investing with Agarwal and Sheth without taking proper security for the safety of the amount. CBI suspects that the funds were routed through two investment firms belonging to Ghond's wife. ALSO READ:
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