Mumbai: Tainted brokers, Ketan Parekh, Kartik Parekh and Jatin Sarvaiyia, held on charge of cheating a Mauritius-based company to the tune of Rs 83.22 crore, were released on bail on June 5 by a session’s court.

Judge R B Malik released them on a bail of Rs 2.5 lakh each and asked them to report to economic offences wing of Mumbai police regularly until investigations were complete.

Ketan, his cousin Kartik and associate Jatin, had urged for bail thrice since their arrest on May 15. Earlier a magistrate and a session’s court rejected their bail plea. On May 29, the trio was remanded to judicial custody till June 12.

They was arrested on May 15 on a complaint filed by European Investments Ltd which said that it had bought and sold certain shares through broking firm Triumph International Finance Ltd of which the accused were directors. The accused had defaulted in making payments, the company alleged.

Defence counsel Amit Desai and Prenov Badheka had argued that there was no need to keep the accused in custody any longer because they had already been interrogated. The entire case was based on documents that had been seized by police. The accused had also admitted their civil liability.

They argued that charges of forgery and criminal breach of trust did not hold good because National Stock Exchange had in a letter to police confirmed that transactions of shares by Triumph had indeed taken place.

Prosecutor Harshad Ponda opposed their bail saying that investigations were still not over.

PTI