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July 26, 2001
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Money > Business Headlines > Report July 26, 2001 |
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HC rejects Ketan Parekh's bail plea; gives 2 weeks to appealOur Correspondent in Bombay The anticipatory bail plea of Ketan Parekh, stockbroker and prime accused in the multi-million-rupee pay order scam, was rejected on Thursday by Justice A Palkar of the Bombay high court. The court has given Parekh two weeks' time to file an appeal in the Supreme Court. The grounds on which the court rejected Parekh's plea, however, have not been mentioned. Meanwhile, sources said that Parekh will not be arrested during the two weeks given to him to appeal before the apex court. Parekh fears arrest on a fresh charge of siphoning off huge amount of money from India to his Swiss Bank account. 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:
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