Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel
August 10, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report August 10, 2001 |
Feedback
|
|
|
CBI arrests stockbroker Ketan ParekhOur Correspondent in Bombay
Parekh was brought to the CBI's bank securities and fraud cell at the bureau's White House office in South Bombay on Friday morning and interrogated extensively throughout the day, before being arrested. "We have arrested him and are currently busy in completing necessary formalities in connection with his arrest,'' CBI sources said. Sources indicated that he is likely to be produced before the special CBI court in Ahmedabad. The markets were rattled in March after allegations bank funds were misused by brokers to ramp up share prices. "A first investigation report has already been registered in connection with the Madhavpura case charging him with cheating and corruption," S M Khan, the CBI spokesman, said. The Bombay high court had earlier rejected the plea of Ketan Parekh for anticipatory bail. On Thursday the Bombay high court declined to entertain the plea of stockbroker Ketan Parekh that he may be produced before a competent court in Bombay in the event of his arrest in a case filed by Madhavpura Mercantile Co-operative Bank in Ahmedabad. Justice A B Palkar also did not consider the plea of Ketan Parekh, accused in the pay order scam, for being lodged in police custody in Bombay in case he was denied bail. Ketan is fearing arrest in a fresh case filed by MMCB in Ahmedabad particularly in the wake of CBI allegations that he had allegedly siphoned off huge amounts from the bank to a Swiss Bank account. He had last month moved the high court seeking anticipatory bail. However, his plea was turned down on July 26 by the court which had stayed his order until today to enable him move an appellate court. In view of the high court rejecting Parekh's plea, his arrest was imminent. Ketan stated in the petition that he had been advised by his lawyers not to file any proceedings in the Supreme Court. Additional inputs: PTI, Reuters YOU MAY ALSO WANT TO READ:
|
||||
The Central Bureau of Investigation arrested stockbroker Ketan Parekh in Bombay late on Friday evening in connection with a case filed by Ahmedabad-based Madhavpura Mercantile Co-operative Bank.