Former Tata Finance head held for fraud

Wednesday, 26 February 2003, 08:00 Hrs
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NEW DELHI: A former top official of Tata Finance Limited was arrested in the Indian capital Tuesday for alleged misappropriating 20 million.

Dilip Pendse, 50, a former managing director, was taken into custody from the Tilak Marg area after the Delhi High Court rejected his anticipatory bail plea.

The police had registered a case against him in September and initiated investigations on a complaint filed on behalf of Inshaallah Investment Ltd., a New Delhi-based non-banking financial company.

A case of cheating, forgery, criminal breach of trust, criminal conspiracy and misappropriation of funds was registered against him.

Said Deputy Commissioner of Police Dinesh Bhatt: "We registered a case against him last year but as he was trying to get bail we were not able to get him. He had even approached the Mumbai courts, but his plea was dismissed."

Bhatt said the former managing director, who left the company last year, had also approached the Supreme Court. But when his plea was rejected there, he went to the lower courts and, after failing again, approached the Delhi High Court.

"We arrested him after the court rejected his appeal. He was on his way to the court again when we arrested him," Bhatt said.
Source: IANS
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