Ramesh Parikh held in nursing home

By Our Special Correspondent

GANDHINAGAR, APRIL 30. The deposed chairman of the collapsed Madhavpura Mercantile Co- operative Bank, Mr. Ramesh Parikh, was placed under arrest in a nursing home in Ahmedabad this morning.

Mr. Parikh, who was released on bail earlier in Mumbai from his arrest by the CBI for allegedly cheating the bank depositors to fund the stock broker, Mr. Ketan Parekh, on his return to Ahmedabad had admitted himself in the nursing home for chest pain where he was placed under arrest.

The Minister of State for Home, Mr. Haren Pandya, told media persons here that armed guards had been posted in the nursing home. The government was also dispatching a medical team to the nursing home to check whether Mr. Parikh was only `faking' chest pain to avoid arrest or was actually suffering from the ailment.

Mr. Pandya said the government had issued transfer warrants against both Mr. Ketan Parekh and Mr Jagdish Pandya, the manager of the MMCB Mandvi branch in Mumbai, through which most of the funds were diverted to the stock broker. Both Mr. Pandya and Mr. Parekh were arrested by the CBI earlier.

The state government had earlier arrested the chief executive officer and managing director of the MMCB, Mr. Devendra Pandya, on the same charges. The Home Minister said in addition to the charge of cheating and defrauding the bank, the state government had added Section 468 amounting to falsification of bank documents which could attract use of Prevention of Anti- Social Activities Act (PASA), commonly known as the Anti-Goonda Act, and was non-bailable.

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