Dinesh Singhania was arrested in connection with the Rs 120-crore Calcutta Stock Exchange scam. The scam came into light in March 2001 when Singhania was the CSE director.
After absconding for over a month, the police finally arrested him. About 16 people were arrested in connection with this scam.
Singhania, Ashok Poddar and Harish Biyani, the other accused, suggested that they would pay Rs 10 crore (Rs 100 million) as a one-time settlement against their dues of Rs 92 crore (Rs 920 million). The CSE management rejected the proposal.
Image: A Hindu priest blesses computer terminals at the Calcutta stock exchange.| Photograph: Sucheta Das/Reuters
Also read: The timeline: Satyam's path to disaster
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