"After considering rival submissions and having gone through the application, the court is of opinion that further custodial interrogation of accused is required for effective and meaningful investigation. "Accordingly, accused are remanded to custody of ED till November 23," the judge said.While seeking the custody, the ED told the court that the accused have to be confronted with the persons who have made material disclosures during investigation. "Accused are required to be confronted with digital evidence recovered during investigation which are voluminous in nature. "They put RFL in a poor financial condition by disbursing loans to companies with no financial standing and controlled by them. The companies to which the loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," the police had alleged.

Source: Economic Times November 18, 2019 13:10 UTC