HC reserves verdict on Parekh's bail plea

MUMBAI, JULY 19. The Mumbai High Court reserved till tomorrow its judgment on the anticipatory bail plea of Mr. Ketan Parekh, stock broker and prime accused in the multi-crore pay order scam, who is fearing arrest on fresh charges of siphoning off huge amounts of money from India to his Swiss bank account.

The verdict was reserved by Mr. Justice A.B. Palkar who heard the arguments.

Mr. Parekh filed the petition in the wake of reports which indicated that his Swiss bank account had been frozen following a request from Interpol at the behest of the CBI. Fearing arrest, he moved the court for anticipatory bail.

Mr. Parekh filed an affidavit today contending that he did not have any account in a Swiss bank and refuted CBI allegations that millions of Swiss francs were deposited therein. He categorically denied the CBI's claim that he had siphoned off the money allegedly acquired from the scam involving funds of the Madhavpura Mercantile Cooperative Bank.

Mr. Parekh's counsel argued that his client had already been arrested and kept in custody for 56 days.

Hence his custodial interrogation was not required and he could not be arrested again for offences relating to the same transaction.

The Additional Solicitor-General, Mr. Harish Salve, justified Mr. Parekh's custodial interrogation saying his arrest was being sought in regard to a different transaction.

He prayed for the dismissal of Mr. Parekh's anticipatory bail petition.

- PTI

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