Police ask HC to cancel Kamal Parekh bail

Kolkata police, investigating the Rs 120 crore (Rs 1.20 billion) scam that rocked the Calcutta Stock Exchange in 2001 has moved the Calcutta high court, challenging a Chief Metropolitan Magistrate order that granted bail to CSE former president Kamal Parekh.

The petition filed by the police asked cancellation of the bail granted by the CMM. Parekh was kept behind the bars for 30 days while all other accused, including big bull Ketan Parekh, had to serve full term of 90 days.

Under the law, persons could be kept in custody for a maximum period of 90 days before filing of a charge-sheet.

Informed sources said the police felt that Parekh had received "preferential treatment" as far as detention in custody was concerned.

"The police wanted to ensure that no one in future should be treated preferentially," they added.

Informed sources said the police petition before Calcutta high court indicated that the investigating agency was in no mood to free any accused person without serving the 90-days' detention period in police as well as judicial custody.

Kolkata police had arrested as many as 22 brokers. Their efforts to arrest the DSQ group supremo Dinesh Dalmia failed due to a Chennai high court order that granted anticipatory bail to Dalmia.

The police subsequently moved the Supreme Court challenging the high court order and received a favorable verdict.