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Tuesday, July 24, 2001
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Three officials suspended

MUMBAI, JULY 23. The Unit Trust of India today suspended two of its executive directors, Mr. M.M. Kapur and Mr. S. Basu, and a general manager, Ms. Prema Madhu Prasad, for their alleged involvement in the Rs. 32 crore Cyberspace Private Placement scam.

The two executive directors were arrested by the CBI along with the former UTI chairman, Mr. P.S. Subramanyam, and the stock broker, Mr. Rakesh Mehta, on Saturday last and later remanded to seven days police custody by the CBI special court. They have been charged with defrauding the public sector mutual fund by paying a very price for the shares of the info-tech shell firm, Cyberspace Ltd.

- UNI

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