| Biyani was arrested by the Calcutta Police on August 30, 2004, from Calcutta airport, when he was trying to leave the country. A division bench of Justice A Lala and Justice P Deb after considering the argument made by the counsel for both Biyani and the state, rejected the bail petition at this stage. |
| Opposing the bail petition, the counsel for state said that Biyani had connection with Dinesh Dalmia, the main accused of the scam. |
| Counsel stated Dalmia's petition relating to his arrest will be heard by Calcutta High Court, as the Supreme Court of India had passed an order directing the High Court to hear the case. It was also submitted that if bail was granted, investigation would be affected. |
| Biyani and Dalmia were among the accused in the March 2001 scam on Lyons Range. |
| Following a complaint filed by CSE, Calcutta Police arrested 20 accused till date, including stockbroker Ketan Parekh. |
| Out of 20 accused, 18 were released on bail after statutory 90 days as police failed to submit charge sheets against them. Another accused Kamal Parekh, former president of CSE, was released after 45 days in custody. |
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