Search the Internet          Tips  Sites: Finance, Investment

Home Trade CEO Agarwal remanded to CBI custody till June 6

Home Trade Ltd CEO Sanjay Agarwal, prime accused in the Rs 928 million Seamen's Provident Fund Organisation scam, was on Friday remanded to CBI custody till June 6 by a special court in Mumbai.

He was brought from Nagpur on May 24 and remanded to custody till May 31.

Seeking further remand, CBI (Central Bureau of Investigation) officers told special judge S G Deshmukh that investigations were at a crucial stage and they were trying to find out where the scam money had gone.

CBI alleged that he had siphoned-off money through his firms and hence needed to be interrogated to locate the missing funds.

Agarwal is also facing criminal charges under section 406, 409, 468 and 34 of Indian Penal Code in the alleged Rs 1.5 billion government securities scam.

He had surrendered in Nagpur on May 11 and was later brought to Mumbai by the Crime Investigation Department for investigation. During his first visit to Mumbai in custody, it was revealed during investigation that Agarwal has 97 bank accounts and had invested some money abroad.

Since investigations are not yet over, CBI sought extension of his custody.

ALSO READ:
Co-op banks: Of laxity, loopholes and scams
The Rediff Budget Special
Money

Tell us what you think of this report