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UTI ex-chief remanded in police custody

Mumbai, July 21
Former UTI chief P.S. Subramanyam, Executive Directors M.M. Kapur, S.K. Basu and stock broker Rakesh Mehta were today remanded in police custody till July 27 by a special court here.

Special Judge S.R. Mehra rejected the bail plea of the accused, charged with cheating, criminal conspiracy and misappropriation of public funds by investing Rs 32.8 crore in shares of Cyberspace.

The court, however, has allowed the four to have home cooked food, medicines and clothing.

All accused were earlier grilled before their arrest at the CBIs Economic Offences Wing Office in South Mumbai.

The CBI had raided their residences and offices yesterday and today and seized certain documents.

According to the CBI, these persons had conspired and made a private placement of 3.45 lakh shares at Rs 930 per share aggregating Rs 32.8 crore in the Lucknow-based Cyberspace Ltd belonging to Arvind M. Johari.

Earlier, the CBI today arrested Subramanyam, Kapur, Basu and Madhu Prasad in the case relating to the charge of misappropriation of public funds to the tune of Rs 32.8 crore.

The agency also arrested stock broker Rakesh Mehta of Renaissance Securities Ltd for allegedly conspiring with the UTI officials to drain public funds, sources said. PTI
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