Saturday, July 28, 2001,
Chandigarh, India


M A I N   N E W S

Court for white paper on UTI scam

Mumbai, July 27
Rejecting the second bail plea of former UTI chief P.S. Subramanyam and three others in the multi-crore UTI scam, a special court today directed the CBI to come out with a ‘white paper’ to ensure that all aspects and ramifications of the alleged fraudulent investment by the accused in the Lucknow-based Cyberspace Limited, were covered.

Extending the custody of Subramanyam, suspended UTI Executive Directors M.M. Kapur and S.K. Basu besides stock broker Rakesh Mehta till August 3, Special CBI Judge S.R. Mehra described the alleged cheating of investors by the accused through fraudulent investment of Rs 32 crore in Cyberspace Limited, as a serious crime which had opened the Pandora’s Box.

All aspects of the dubious investment in Cyberspace Limited that caused loss to the investors should be looked into and the CBI should come out with a ‘white paper’ to make sure that no angle was left uncovered, the judge said.

Judge Mehra said they were accused of involvement in a shady deal and asked the CBI to unearth all investments of the public sector mutual fund giant in the tainted Cyberspace Ltd.

The accused were arrested last Saturday and remanded in CBI custody till today. Mr Arvind Johari, Chairman, Cyberspace Limited (earlier known as Cyberspace Infosys Ltd), was arrested in Lucknow and brought to Mumbai a couple of days ago and placed under CBI remand till July 31. Another accused, UTI’s General Manager Prema Madhu Prasad, has not yet been arrested, though she has been interrogated several times. 


Life term for Punjab ex-Jail Minister
Tribune News Service

Faridkot, July 27
Mr A.N. Jindal, Sessions Judge, today sentenced former Jail Minister of Punjab Upinder Singh to life imprisonment in a case relating to the murder of BJP leader Raj Kumar Garg in 1992.

Mr Jindal, while pronouncing the judgement in a case of murder registered against Upinder Sharma in 1992 also sentenced him to seven years imprisonment under Section 307 of the IPC for causing injuries to six other BJP workers in the town on the same day.

Mr Jindal said both sentences would go concurrently. He fined him Rs 5,000 and in case of default of payment the accused would undergo further imprisonment of six months.Back

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