CBI arrests KP in Swiss bank account case

Our Markets Bureau

Ketan Parekh

Mumbai, Aug 10: Beleaguered stock broker Ketan Parekh (KP) was arrested by the Central Bureau of Investigation (CBI) on Friday evening in a case related to the siphoning off of Rs 800 crore funds of Madhavpura Mercantile Co-operative Bank (MMCB) and its transfer to the Swiss bank accounts of the accused.

According to highly placed sources in the agency, Parekh would be sent to Ahemdabad and will be produced before the metropolitan magistrate on Saturday.

Parekh was issued summons by the CBI on Friday morning in connection with the Swiss bank account case and was interrogated by the top sleuths of the Banking Securities and Fraud Cell (BS&FC) throughout the day, agency sources said.