India News | 'Economic Offence, Bank Cheated, Crores Siphoned': Kolkata Court Sends Mahendra Goenka to Police Custody Till Aug 1

New Delhi [India], July 29 (ANI): Observing that the allegations disclose an economic offence involving the alleged siphoning of funds worth crores, that a bank has allegedly been cheated, and that the accused had been evading the process of law for the last two years, a Kolkata court on Tuesday remanded a businessman Mahendra Goenka, to further police custody till August 1, 2026.

The court held that the investigation is at a nascent stage and custodial interrogation is necessary for an effective probe.

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The Chief Judicial Magistrate, Calcutta, rejected Goenka's bail plea and allowed the investigating agency's request for further police custody till August 1.

The court observed that considering the nature and gravity of the offence, the materials collected so far, and the fact that the investigation is still at a nascent stage, it was not inclined to grant bail. It held that further police custody was necessary for an effective investigation.

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Goenka was recently arrested by the Kolkata Police from Delhi. A resident of Raipur, Chhattisgarh, he is accused of allegedly defrauding companies belonging to the family of BJP MLA Sanjay Pathak from Vijayraghavgarh in Madhya Pradesh to the tune of around ₹1,000 crore. He has also been accused of attempting to illegally take control of the companies.

According to the allegations, Euro Pratik Ispat India Private Limited, a company owned by Pathak's family and headquartered in Kolkata, had Goenka in a senior management position.

It is alleged that Goenka, along with his wife and associates, used forged documents and signatures to remove two directors of the company and replace them with four others.

He is further accused of attempting to illegally take control of the company, manipulating its financial transactions, and dishonestly selling company assets, resulting in alleged misappropriation of funds.

During the hearing, Goenka's counsel argued that further police custody was unnecessary as all relevant documents had already been seized. The defence contended that the complainant was not the owner of the shares, that no adverse order had been passed by the National Company Law Tribunal (NCLT), and that company records filed before the Registrar of Companies supported the defence. It also argued that Goenka had cooperated with the investigation and should be granted bail.

The de facto complainant strongly opposed the bail plea, submitting that original share certificates recognised by the NCLT established the complainant's ownership, while records including Form BEN-1 showed Goenka as the beneficial owner. It was further alleged that large sums of money had been siphoned off, a bank had been cheated, and that the accused had evaded the process of law for the last two years. The complainant also argued that the money trail involving crores of rupees was yet to be fully investigated.

Accepting these submissions, the court rejected Goenka's bail plea and remanded him to police custody till August 1, 2026 for further investigation.

The court also directed the investigating officer to strictly comply with the Supreme Court's guidelines in D.K. Basu v. State of West Bengal during the period of police custody and ensure Goenka's safety, security and regular medical examination. He has been directed to be produced before the court again on August 1, 2026. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)