15 yrs on,Harshad Mehtas brother held in fraud case
The Criminal Investigation Department on Saturday arrested Harshad Mehtas businessman brother Sudhir Mehta who was absconding in the case of allegedly duping a Pune-based financial firm of Rs 86 lakh in 1996.
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The Criminal Investigation Department (CID) on Saturday arrested Harshad Mehtas businessman brother Sudhir Mehta who was absconding in the case of allegedly duping a Pune-based financial firm of Rs 86 lakh in 1996. The key accused in the case,Harshad Mehta,died in 2001.
A complaint in this regard was registered at the Faraskhana police station by Shrikant Gopal Rathi,director of Rathi Finance based in Raviwar Peth in July 1997. Subsequently,CID had taken over the investigation from Faraskhana police in 2004.
A court in the city on Sunday remanded Sudhir,resident of Worli in Mumbai,in CID custody for 10 days.
V S Tikole,deputy superintendent of police with CID,said,We arrested Mehta on Saturday from a five-star hotel in Pune where he had come from Mumbai. In 2004,a court in Mumbai had granted him anticipatory bail but asked him to apply for another one from the Pune court. Since then,he was absconding.
CID demanded custody of the accused citing the need for detailed interrogation and investigation at Ahmedabad and Mumbai. The remand report said in 1994,Sudhir had started running the company of another wanted accused,Amit Shah. Shah was serving as managing director of the company with agreement by Sudhir. The two took out a public issue 75 lakh equity shares in the market and raised Rs 750 lakh. When it came to distribution of shares to the share holders,the duo colluded to print 75,000 numbered shares and allegedly printed one lakh more without numbers… of these 15,000 had come to the complainant through other accused.
Suchit Mundada,the defence lawyer,said while opposing the CIDs demand for custody,CID says it wants to make recoveries of bogus shares but my client does not posses any. There is no need for custody.
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