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CSE scam: Singhania remanded to police custody

Former president of Calcutta Stock Exchange and prime accused in the March 2001 payments crisis, Dinesh Singhania, was on Thursday remanded to police custody till December 4.

Singhania, who served as president of CSE for two terms, was produced before the Chief Metropolitan Magistrate S C Mishra after his arrest from his Salt Lake residence on Wednesday evening.

So far, a total of 16 persons involved in the CSE payments crisis have been arrested by the Detective Department of the Kolkata Police.

The court also extended the judicial custody of former CEO of Stock Holding Corporation of India, B V Goud, IndusInd Bank Vice-President S N Paul, Harish Biyani, Ramesh Biyani, Raj Kr Jain, Gopal Singhania, Basudeo Singhania and Dilip Khanna till November 27.

Police sources said that the arrest of Dinesh Singhania would help in the investigation process, which started in September on a complaint filed by the authorities of the stock exchange.

The arrested persons had been held responsible for precipitating the payments crisis which robbed the exchange's Settlement Guarantee Fund of Rs 120 crore (Rs 1.2 billion).

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