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Ex-CSE vice-president K K Daga arrested

Former vice-president of the Calcutta Stock Exchange K K Daga was arrested on Friday in connection with the Rs 120 crore (Rs 1.2 billion) scam at the bourse last year.

Police sources said Daga, who was vice-president of the bourse in 2000-01 when the payment crisis surfaced, was arrested after being interrogated for the past couple of days.

It was alleged that Daga had either ignored or did not forward some of the information provided by IndusInd Bank in connection with the dishonour of a cheque for Rs 25 crore (Rs 250 million) issued by one of the accused in the scam in favour of the exchange.

The delay in reaching the information to proper authorities proved costly to the bourse, as it could not switch off the trading terminals of these brokers, which subsequently led to a larger default.

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