Millennium Post

Kaustuv Ray, Shivaji Panja remanded to 3-day CBI custody

Kolkata: Businessmen Kaustuv Ray and Shivaji Panja were remanded in the custody of Central Bureau of Investigation (CBI), after being produced in the court on Friday.
Ray and Panja were arrested on Thursday, in connection with a case in which the accused had misappropriated Rs 515.15 crore, which they had managed to get from several banks by providing "false and fabricated" documents.
Ray himself submitted before the court as the lawyers were on strike on Friday. He pleaded for bail. Objecting the plea for bail, CBI submitted before the court to remand him in their custody, as they want to interrogate them in this connection.
The court remanded both in the custody of CBI for three days. The CBI officials submitted that they have to go through various documents to probe into the money trail. Ray, however, claimed that he has cleared 80 percent of the loan amount.
Meanwhile, the Enforcement Directorate (ED) has also initiated a case against RP Info Systems Ltd, whose directors are Panja, Roy and Vinay Bafna.
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