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Thursday, Jun 06, 2002

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Ketan Parekh released

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MUMBAI, June 5

STOCKBROKER Ketan Parekh and his associates, Mr Kartik Parekh and Mr Jatin Sarvaiya, were released today on bail by the City Civil Court of Mr R.B. Malik.

The court allowed the three to be released on bail of Rs 2,50,000 each and asked them to report to the police every Tuesday and Friday for the next three months. The three were arrested on May 15 and since then they have been under police custody and later on in judicial custody. The Economic Offences Wing of the Mumbai Police has registered a case of cheating on a complaint filed by European Investments Ltd, a Mauritius-based overseas corporate body.

Granting bail, the Judge Mr Malik said the transactions between European Investments and Mr Ketan Parekh and others cannot be so magnified that they are given the colour of a scam or business failure with international ramifications.

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