Ketan Parekh remanded to police custody

MUMBAI: Controversial brokers Ketan Parekh, Kartik Parekh and Jatin Sarvaiya, charged with defrauding a foreign company of Rs 83.22 crore, were on Wednesday further remanded to police custody till Thursday even as co-accused Dharmesh Shah was released on bail by a local court.
Police have charged all the four accused with swindling funds of a Mauritius-based company European Investment by purchasing and selling shares through broking firm M/S Triumph International Finance (India) Ltd, whose registration was cancelled by the Securities and Exchange Board of India last week, of which they were directors.
Shah, a chartered accountant and non-executive director of Triumph International, was arrested on Tuesday and produced on Wednesday before Magistrate B A Shelar who released him on bail in the sum of Rs 10,000.
Prosecutor Harshad Ponda submitted that Shah was not directly concerned with these transactions.
The magistrate had earlier refused to grant bail to Ketan and others. Being aggrieved, they moved a sessions court which also refused to grant them liberty.
The accused were arrested on the basis of a complaint filed by Briyanand Chaturvedi, constituted attorney of European Investments.