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Ketan Parekh remanded to judicial custody till June12

A local court on Wednesday remanded stock broker Ketan Parekh and two others to judicial custody till June 12 for allegedly cheating Mauritius-based European Investment Ltd.

Besides Ketan Parekh, his brother Kartik Parekh and their associate Jatin Sariya was also remanded to judicial custody by Additional Chief Metropolitan Magistrate B A Shelar of the esplanade metropolitan court in Mumbai.

They were arrested by the economic offences wing, of Crime Investigation Department for allegedly misappropriating Rs 830-million from the Mauritius-based company.

Remanding them to judicial custody, the magistrate in his order directed the jail authorities to provide medical facilities to Kartik Parekh, as he is diabetic.

Special public prosecutor H H Ponda and Ashok Mundergi, pleaded for police custody for the alleged accused saying that the investigations were still in progress.

Defence advocate Amit Desai informed the court that custodial interrogation is not required and hence the question of police custody does not arise as pleaded by the prosecuting agency.

Defence lawyer told the court that all relevent documents, like those relating to banks, were in possession of the investigating agencies including Central Bureau of Investigation, Securities and Exchange Board of India and Income Tax department, so there is no question of tampering with the documents by the accused and they should be granted bail.

UNI

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