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This is an archive article published on June 12, 2003

CBI arrests two in Madhavpura scam

The CBI on Wednesday arrested two persons in connection with the multi-crore Madhavpura Mercantile Co-operative Bank scam in Mumbai in which...

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The CBI on Wednesday arrested two persons in connection with the multi-crore Madhavpura Mercantile Co-operative Bank scam in Mumbai in which big bull Ketan Parekh is the main accused. The duo arrested on Wednesday, Shirish Manyar and Mukesh Babu, were produced before the special CBI magistrate, who remanded them to police custody for two days.

While Manyar runs SBM Investments, Babu is the owner of Mukesh Babu Securities. Babu was also a top broker of the Bombay Stock Exchange.

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