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Ketan Parekh, Pandya remanded to CBI custody till April 9

Priya Ganapati in Bombay

Noted stock broker Ketan Parekh was remanded to CBI custody till April 9 and has not been allowed to meet his family members during this period.

"Ketan Parekh's uncle, brother and a cousin were also named as accused in the pay-order scam case and hence the family meeting will not be allowed to meet him. Even his wife will not be allowed to meet him," Sessions Judge A R Joshi said on Saturday.

However, the court has allowed Parekh to partake of home-made food, medicines, and toiletries.

According to Public Prosecutor P A Raghuvanshi, "Ketan Parekh was remanded to CBI custody on two grounds: first, for colluding with Jagdish Pandya, manager of Madhavpura Mercantile Co-operative Bank's Mandvi branch in Bombay, and fraudulently obtaining 30 pay-orders amounting to Rs 1.37 billion and defrauding the bank of India of the same; and, second, the CBI wanted more time to continue the investigation which the court has agreed to.

Pandya has also been remanded to CBI custody till April 9 along with Parekh.

Dressed in a crumpled shirt, Parekh entered the courtroom at around half past two along with the CBI officers who had questioned him throughout the night on Friday. Apparently, Parekh was wearing the same clothes he had donned on Friday.

Parekh was represented by his lawyer Shirish Gupte, whereas Vijay Garg held the brief for Jagdish Pandya.

Parekh's counsel Gupte argued the case stating that his client was ready to repay the amount which was due against his name. He also submitted a document to the court stating that Parekh had already paid Rs 70 million to the banks and would soon repay the other outstanding amount too.

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