The CBI has arrested Bharat M Shah, the managing director of Ruby Mills, a city-based cotton and blended fabrics manufacturing company, in connection with an alleged bank fraud case, a spokesperson of the agency said today. “Shah was arrested on August 1 in connection with the ongoing investigation in a bank fraud case,” the Central Bureau of Investigation (CBI) spokesperson said. Shah was produced before a special CBI court, which remanded him in CBI custody till August 8, he said. The CBI spokesperson, however, refused to divulge any details regarding the alleged fraud or the quantum of money allegedly misappropriated.
Ruby Mills, a listed company, is into manufacturing of cotton and blended fabrics and has its registered office at Dadar in central Mumbai. No company official was available for comment. The Ruby Mills scrip today shed 2.42 per cent to close at Rs 368.50 apiece on the BSE, as against the 0.74 per cent correction on the benchmark.