Kolkata: Former "Big Bull" Ketan Parekh was on January 20 denied bail by a court in Kolkata and remanded to police custody till January 28 in connection with the Rs 120 crore scam at the Calcutta Stock Exchange.

Chief metropolitan magistrate S C Misra, before whom the Mumbai broker Parekh surrendered, rejected his bail plea and ordered police remand for eight days.

Parekh had earlier received bail from the Mumbai High Court till January 20 with the direction to surrender before the chief metropolitan magistrate, Kolkata in connection with the case.

A team of the special cell of the Kolkata police, probing the 2001 stock scam, first arrested Parekh in Mumbai on December 3, but while in transit he fell ill at the Mumbai airport and had to be admitted to hospital.

Subsequently, he obtained bail from the third metropolitan magistrate, Mumbai the next day on condition that he would appear before the Kolkata CMM by December 20.

Parekh had then again moved Mumbai High Court seeking extension of bail pleading that he could not appear in Kolkata because of the then strike by lawyers.

The High Court while extending the bail had asked Parekh to appear before the Kolkata court by January 7, which was subsequently extended till January 20.

PTI