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Peerless Shipping MD Gautam Sen held, remanded

The Enforcement Directorate on Monday night arrested Peerless Shipping Managing Director Gautam Sen on charges of violation of the Foreign Exchange Regulation Act.

The corporate leader was produced in court on Tuesday and sent into 14 days' remand, Enforcement Directorate Deputy Director K K Kabirpanthi said.

Sen had been charged with handling foreign exchange worth US $2.5 million in violation of FERA and the matter was under investigation, he added.

Peerless Shipping had imported an oil rig and had arranged to pay for it in the US in contravention of FERA, said an ED official.

Gautam Sen is the brother-in-law of P C Sen, chairman of Peerless.

UNI