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Police detain ex-CSE chief D K Singhania

Savio G Pinto & Kausik Datta

The economic offences wing of the Bombay police has detained DK Singhania, former president of the Calcutta Stock Exchange, for inquiries in a case pertaining to payments to his Bombay-based business associate.

Along with Singhania, two other persons, Neeraj Balseria and Rajkumar Jain, are also being questioned.

The trio are being questioned since Friday afternoon. However, the police department stressed that they have not been formally arrested since the inquiry is still on.

When contacted, inspector Sunil Shaizwal of the Crime Branch at the Crawford Market police headquarters confirmed that Singhania was being questioned but that no formal arrest has been made.

The inquiry is apparently being made in a case pertaining to a payment to the tune of around Rs 440 million that is due to a Bombay-based broker of the NSE and BSE but more well known for his chandeliers business.

Singhania was recently declared a defaulter by the Calcutta Stock Exchange after his alleged failure to meet his settlement obligations in the aftermath of the stock market crisis.

Sources close to the Singhania family said on Sunday:"We are in midst of chalking out our next course of action. We are in touch with legal counsels as well. Certainly, we will do something on Monday."

The sources said the Singhania family initially planned to file a legal suit against the Bombay police for "detention and interrogation "of Singhania but changed their minds at the last moment on the assumption that a legal suit against the police might complicate their stand.

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