Chief Metropolitan Magistrate Sumit Dass sent Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal, arrested on the complaint of Punjab National Bank (PNB), to custody till April 22.
The four accused were arrested by CBI earlier in the day, for allegedly using more than 100 shell companies for routing and diversion of bank funds.
In its plea, the CBI had sought 14 days' police custody.
Adovocate Vijay Aggarwal, appearing for some of the accused, however, opposed the plea and said that they be sent to the judicial custody.
The PNB has alleged that the company had diverted bank funds to the tune of Rs 2,240 crore, which resulted in loss to the consortium.
Over Rs 300 crore of working capital was also allegedly moved to six companies set abroad, it said.
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