Search the Internet          Tips  Sites: Finance, Investment

Verdict on Ketan Parekh's bail plea on Thursday

The Bombay high court will deliver on Thursday its verdict on anticipatory bail plea of Ketan Parekh, stock broker and prime accused in the multi-million-rupee pay order scam, who fears arrest on fresh charge of siphoning off huge amount of money from India to his Swiss Bank account.

Arguments concluded last week before justice A B Palkar who had reserved his judgement.

Harish Salve, Additional Attorney General and Ketan Parekh's lawyer Mahesh Jethmalani on Wednesday jointly mentioned the matter before the judge who said the judgement would be delivered on Thursday.

Parekh sought anticipatory bail 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.

Parekh categorically denied CBI's claim that he had siphoned off the money allegedly acquired from the scam involving funds of Madhavpura Mercantile Co-operative Bank.

CBI had alleged on July 5 that this money was deposited in Swiss Bank.

CBI argued that two FIRs had been filed, one involving fraud on Bank of India and the other concerning Madhavpura Mercantile Co-operative Bank. In the first case, Parekh had been arrested, while in the second one he was seeking anticipatory bail.

YOU MAY ALSO WANT TO READ:
The Capital Market Crisis

Tell us what you think of this report