CSE broker Alok Biyani held at Kolkata airport

Alok Biyani, one of the accused in the Calcutta Stock Exchange (CSE) scam that shook the financial sector in March 2001, was arrested by the city police late last night at the Netaji Subhas Chandra Bose airport.

Biyani, a proclaimed offender, was arrested while he was preparing to board a flight to Australia, police said.

The accused was today produced at the court of Chief Metropolitan Magistrate(CMM), Amit Chakraborty.

He refused biyani's bail petition and remanded him to police custody till September 15.

Biyani was allegedly operating the Australian businesses of Dinesh Dalmiya, one of the prime accused. Dalmiya was on the wanted list in connection with the scam, He was the managing director of DSQ Software.

Alok Biyani, son of the accused broker Harish Chandra Biyani, was a director of Biyani Investment Ltd. The broking firm was charged with chaeting CSE in connivance with Dalmiya.

The firm had defaulted in payments to the exchange. Alok Biyani was declared a proclaimed offender after he failed to appear before the police for interrogation last year.

The public prosecutor (PP) sought police custody for Alok Biyani and said Kolkata Police was looking for him since September 2002, when the police started arresting other accused.

At the time of his arrest, some amount of unauthorised foreign currency was found.

The PP stated that Dinesh Dalmia of DSQ software was yet to be arrested, so police custody for the accused was necessary for further investigation into the case.

Following a compliant filed by CSE in September 2002, Kolkata Police arrested 20 persons, including Ketan Parekh of Mumbai.

However, charge-sheets were not filed by Kolkata Police within the stipulated 90 days. As a result, all the 20 accused were released on bail.