Court rejects bail plea of financial fraud accused, remands him in police custody

A special court here on Monday sent Shantilal Surana, accused of duping unsuspecting investors of around Rs 1,900 crore, to nine days of police custody, rejecting his bail prayer.

Surana, who ran a ponzi scheme company, was arrested by the Directorate of Economic Offences on April 21 under the West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.

Special court judge Parthapratim Chakraborty, third additional district judge, Alipore, remanded Surana in police custody for nine days till May 3.

Opposing his bail prayer, special public prosecutor Radhakanta Mukherjee prayed for his police custody, submitting that he is accused of several offences under the Act.

Mukherjee said that the DEO is investigating nine cases under the Act against Surana, of which four are being heard by the special court at Alipore. On April 22, following his arrest, the court had remanded Surana in police custody till Monday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)