Mumbai: A local court today (Dec 9, 2004) rejected the bail application of former director of Jai Hind Co-operative Bank Ashok Advani and remanded him to police custody till December 23.

Additional Metropolitan Magistrate B A Shelar remanded Advani, arrested last night over alleged charges of swindling bank money to the tune of Rs 27 crore, to police custody but allowed him home food and medicine. Advani, a publishing magnate, was the director of the bank when it accumulated non-performing assets and allegedly defaulted payments to its small-time depositors and to the charitable trust, Hyderabad (Sind) National Collegiate Board.

The bank is under liquidation following Reserve Bank of India's (RBI) recommendation to Maharashtra Government.