The Judicial Magistrate First Class court on Friday remanded Gurunath Jantikar, president of the Karnataka State Souharda Federal Cooperative Ltd. in judicial custody till December 14.
Bidar police arrested Mr. Jantikar on Thursday. He is accused of aiding financial irregularity along with five others. Sandeep S., a local businessman operated a franchise of the stock broking firm Anand Rathi Ltd., and his employee Channappa Agadi, face allegations of duping investors.
Sandeep and Channappa diverted their money by opening a fake account in Kalyan Souharda Credit Cooperative Society, of which Mr. Jantikar is the founding president. Bidar police have registered five cases in this connection. Mr. Jantikar has got anticipatory bail in one case. The investors’ money never reached the Mumbai-based company, but was instead channelled into a fictitious account in the name of Anand Rathi, the police say.
