New Delhi, June 12: Two more persons arrested by the CBI in connection with the multi-crore Madhavpura Mercantile Co-Opertive Bank (MMCB) scam were remanded to CBI custody till June 17 as the agency claimed to have recovered substantial amount of proofs to file chargesheet against the accused in the case which includes big bull Ketan Parekh.
CBI had arrested two persons -- Shirish Manyar and Mukesh Babu -- in Mumbai yesterday. They were produced before the designated court in Ahmedabad today which remanded them to CBI custody for five days, agency sources said.
The official and residential premises of the duo, who had been sent on a two-day transit remand yesterday by a Mumbai court, were searched by the CBI and the agency claimed to have recovered substantial evidence to file a chargsheet in the case soon.
According to the CBI FIR, Manyar runs SBM investments, Babu is the owner of Mukesh Babu securities and both of them had sought an overdraft to the tune of several crores of rupees thus violating the Reserve Bank of India guidelines.
The CBI alleged that Babu, through his five accounts with Madhavpura Mercantile Co-Operative Bank had illegally borrowed and diverted funds to the tune of Rs 205 crore.
Similarly, Manyar had also illegally diverted the funds of the bank to the tune of 25 crore by allegedly entering into a criminal conspiracy with chairman of the bank Rameshchandra Parekh and big bull Ketan Parekh.
Bureau Report
