Search the Internet          Tips  Sites: Finance, Investment

CBI claims to have vital papers in US-64 case

The Central Bureau of Investigation lawyer Gopal Sharan informed the special court, hearing the bail plea of P S Subramanyam and three other co-accused, on Friday, that the investigating agency had on Thursday come across certain vital documents which may throw further light on the case.

Since CBI wished to confront the ex-UTI chief with these documents, it urged the special court to extend by one day the police remand of Subramanyam, who is facing the charge of misappropriation of funds to the tune of Rs 321 million.

The lawyer, however, said that he could not reveal what those documents were. He forwarded the case diaries to the special judge S R Mehra for his perusal.

Subramanyam, suspended UTI executive directors M M Kapoor and S K Basu and stock-broker Rakesh Mehta were produced before the court Friday morning by CBI for further remand.

As regards other accused, CBI said it was seeking judicial custody.

All the accused urged for liberty by filing petitions. The judge said he would hear their bail plea after lunch.

CBI prosecutor, however, argued that it was opposed to the accused getting bail. The accused were top officials of UTI and may influence other officials if granted bail.

Arvind Johari, promoter of Cyberspace Infosys, has been remanded to police custody till August 7 in the same case.

CBI has alleged that Johari had induced UTI top officials through Rakesh Mehta to buy 3,45,000 shares of Cyberspace at an exhorbitant price of Rs 930 per share, resulting in loss of Rs 321 million to the financial institution.

ALSO READ:
The UTI Crisis