Judicial custody of Nagarjuna group chairman extended
The judicial custody of Nagarjuna group chairman K S Raju and Maytas Infra chief executive officer P K Madhav has been extended till January 12, 2009. The lower court today, on a petition filed by the Central Crime Station officials extended the judicial custody, according to sources. Last week, it may be recalled, the bail application moved by Raju and Madhav was rejected by the Hyderabad City Court. They were arrested on December 16 for their alleged role in defrauding the depositors of Nagarjuna Finance Ltd (NFL) to the tune of Rs 98 crore and remanded to judicial custody upto December 29. NFL is a NBFC floated by the Nagarjuna group and was later sold to Mahalakshmi Factoring Services. Raju and Madhav were directors on the board of NFL when the company accepted deposits from the public and before it was sold to Mahalakshmi Factoring.