The Hindu Business Line : DSQ Group promoter remanded to judicial custody

The promoter of the Chennai-based DSQ Group of companies, Mr Dinesh Dalmia, was produced before the Chief Metropolitan Magistrate (CMM) here today by the Kolkata police after he was brought to the city from Chennai this morning.

Rejecting his bail application, the CMM remanded Mr Dalmia to judicial custody till March 16.

Kolkata police had sought police custody for the convenience of interrogation. The city police brought charges under Sections 420, 409, 467, 468, 471, 477A and 120B of the IPC involving criminal breach of trust, cheating and fraud.

Mr Dalmia has been arrested for alleged links with some Calcutta Stock Exchange brokers, lead by Mr Harish Biyani, who defaulted in the Rs 120 crore securities fraud in 2001.

It is alleged that Mr Dalmia issued 10 lakh fake DSQ Software shares, supposedly worth Rs 13.9 crore, to Mr Biyani and a few associates, who in turn placed it to the CSE authorities against his payment obligation.

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