N-Mart Chairman and Managing Director Gopal Mohan Singh Sekhawat, arrested in connection with a multi-crore fraud, was remanded in 14-day judicial custody by a city court on Friday.

Mr. Sekhawat allegedly collected over Rs. 661.51 crore from 2.02 lakh investors illegally by offering hefty commissions to agents and gifts and incentives to depositors.

The firm had floated an airways offering chartered helicopter ride on special occasions like birthday, and marriage anniversary and prepared the ground for starting a television channel.