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Ketan Parekh fears arrest, moves HC for anticipatory bail

Ketan Parekh, stock broker and prime accused in the multi-billion pay order scam, on Thursday moved the Bombay high court urging for anticipatory bail as he feared arrest on fresh charges of siphoning off huge amounts of money from India to his account in a Swiss bank.

Justice A B Palkar adjourned the petition to July 19 with the mutual consent of Parekh and CBI.

Parekh filed the petition in the wake of reports, which indicated that his Swiss Bank account had been frozen following a request from Interpol at the behest of CBI.

Fearing arrest, he moved the court for anticipatory bail.

Parekh contended that he did not have any account in Credit Suisse (Zurich branch) and refuted allegations of the Central Bureau of Investigation that millions of Swiss Francs were deposited in it.

Parekh categorically denied CBI's claim that he had siphoned off the money allegedly acquired from the scam involving over Rs 10 billion of Madhavpura Mercantile Co-operative Bank. CBI had alleged on July 5 that this money was deposited in the Swiss bank.

CBI disclosed that they had received certain information that huge amount of money had been siphoned off from India by Ketan Parekh and his associates. This money was allegedly the proceeds of a number of financial crime and bank frauds committed by him, CBI had purported.

CBI also alleged that the money was routed to Switzerland through Bahamas, a tax haven for criminal and money swindlers.

CBI said it will also investigate the charges of money laundering and forgery against Parekh.

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