The Hindu Business Line : HC Bench rejects bail petition of CSE scam accused

A DIVISION bench of the Calcutta High Court comprising Mr Justice Amitava Lala and Mr Justice P.K. Deb, today rejected the bail petition of Mr Aloke Biyani, who was the 20th accused in the over Rs 120 crore Calcutta Stock Exchange (CSE) scam.

He was arrested on August 30, 2004 from Kolkata airport when he was trying to leave the country.

In his bail petition, it was stated that he was in custody for more than 40 days, hence he may be granted bail with any stipulated condition.

In March 2001, the scam took place, and in September 2002, following a complaint filed by the CSE, the Kolkata police arrested some top brass of stock markets in India, including Mr Ketan Parekh.

Of the 20 accused, 18 persons were released after a statutory detention of 90 days, as police could not frame chargesheets against them within the stipulated period. The 19th accused, Mr Kamal Parekh, the former Chairman of CSE, was released after 45 days of detention.

Earlier, Mr Biyani moved the bail petition in city session court, Kolkata, which was rejected and against that order Mr Biyani filed a bail petition in the Calcutta High Court.

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