KP Bail Plea Rejected

Kolkata, January 28: | Updated: Jan 29 2003, 05:30am hrs
Mumbai-based stockbroker Ketan Parekh was on Tuesday remanded to police custody again till February 1, after his bail plea was turned down by the chief metropolitan magistrate (CMM) here. In December last year, the Kolkata Police had arrested Mr Parekh to investigate his role in the Rs 120-crore payment crisis that devastated the Calcutta Stock Exchange (CSE) in March 2001.

However, Mr Parekh had secured bail from a Mumbai court, which had directed him to appear before the Kolkata CMM on January 20. Subsequently, he the Kolkata CMM had remanded him to police custody till January 28.

Sources in the Lalbazar police headquarters said a team of detectives was now in Mumbai seeking information on Mr Parekhs links with the defaulting brokers in Kolkata. The team left for Mumbai on January 26 and will visit various offices owned by Mr Parekh, the sources said.

So far, the Kolkata Police have interrogated several defaulting CSE brokers who have reportedly said that they had worked as associates of Mr Ketan Parekh.