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Ketan seeks pre-arrest bail

Our Bureau

MUMBAI, July 10

MR Ketan Parekh, the stockbroker accused in the Bank of India (BoI) and the Madhavpura Mercantile Co-operative Bank (MMCB) pay-order scandal, moved the Bombay High Court for an anticipatory bail.

The broker's lawyers said that they have filed the application today on behalf of Mr Parekh who feared that he might be arrested again by the Central Bureau of Investigation (CBI).

The court has granted protection to Mr Parekh till Thursday when the application (for granting anticipatory bail) would be heard.

The counsel has argued that Mr Parekh has already completed 53 days in police and judicial custody during which all the interrogation should have been completed.

The move to obtain an anticipatory bail follows recent disclosures by the CBI that it has discovered and frozen, with a Swiss bank, an account whose beneficiary is believed to be Mr Parekh.

Mr Parekh's lawyers, in their bail application, have stated that the account in question does not belong to the broker. In the prayer, the counsel have said that the accused will cooperate, as he has been, with the investigating agency.

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