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Hyderabad, Jan. 5

Mr G.S. Raju, a Director of Nagarjuna Finance Ltd (NFL), was remanded to judicial custody on Monday by a City Court. Mr Raju was arrested at the international airport in New Delhi on Saturday night, while he was reportedly proceeding to Israel on a business trip, according to the police. The Police had arrested Mr K.S. Raju, Chairman of the Nagarjuna Group, which owned NFL, and Mr P.K. Madhav, a former Director of NFL and Chief Executive Officer of Maytas Infra, a co uple of weeks ago. The arrests and subsequent judicial remand are in connection with cases related to default of payments to depositors for several years. The company had accumulated default of over Rs 50 crore and cases were pending in many States, the police said. Meanwhile, a NFL Depositors Association has been formed to pursue the case and a meeting of scores of them was convened on Sunday.

— Our Bureau

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