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May 8, 2002 | 1620 IST
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NDCCB ex-chairman's PCR extended; aides attack scribes

N Chintamani in Nagpur

The police custody remand of Sunil Kedar, former chairman of the scam-tainted Nagpur District Central Co-operative Bank and a Nationalist Congress Party leader, was extended till May 10 by the court on Wednesday, amidst high drama.

As soon as Judicial Magistrate First Class S A Ali, who had remanded Kedar to police custody till May 8, extended the PCR, Kedar's supporters thronged the court's premises and assaulted the journalists and photographers present there. Some of the scribes were brutally beaten up by the attackers.

The scared journalists had to take shelter inside the court building, even as the cops present at the spot stood by watched the entire proceedings without intervening.

Some of the windows of the court building too were broken due to the stone-pelting resorted to by Kedar's supporters.

Meanwhile, the Nagpur Union of Working Journalists has expressed its concern at the attack on Press and decided to stage a dharna in protest.

Kedar had been arrested on May 3 in connection with the Rs 1.534 billion government securities scam, following a Criminal Investigation Department investigation into the matter.

A CID team is probing into the scam and interrogating officials of the broking firm Home Trade Limited in Mumbai, which has been barred by the Securities and Exchange Board of India from broking activities.

The board of directors of the Nagpur District Central Co-operative Bank has already been dissolved following an RBI directive and an administrator appointed to look after the bank's affairs, official sources said in Nagpur.

Kedar, a former state minister for energy, had allegedly invested Rs 1.59 billion in government securities but failed to produce receipts from the broking firms.

The authorities have slapped charges under Sections 406, 420 and 34 of the Indian Penal Code against broking firms Home Trade of Navi Mumbai, Indramani Merchants Pvt Ltd and Century Dealers Pvt Ltd of Kolkata, Syndicate Management Services Pvt Ltd of Ahmedabad and Giltedge Management Services of Mumbai, which had 'defaulted on their commitments'.

On April 29, the police booked offences against Kedar on the basis of complaint by audit officer of Department of Co-operative Bhausaheb Avsar for allegedly forging documents while investing the huge sum in government securities.

NDCC board superseded, administrator appointed
NDCCB chairman arrested in gilts scam
Banks may sell Home Trade collaterals
RBI orders special audit of gilts deals
UCBs withdraw deposits from Nagpur bank
RBI may supercede two other co-op banks too
Maharashtra to inspect 630 urban co-op banks
Sebi bars Home Trade from trading till May 10
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