 New
Delhi: The Delhi police have arrested former managing
director of Tata Finance (TFL) D S Pendse here for his
alleged involvement in “misappropriation”
of at least Rs 2 crore of the company’s funds.
The
Delhi High Court rejected Pendse’s application
for an anticipatory bail. Dinesh Bhatt, deputy commissioner
of police (economic offences wing of the crime branch),
said Pendse was nabbed at Tilak Marg, near Patiala House
courts, at around noon on 25 February. “Pendse
has been approaching different courts for reprieve and
his arrest came after prolonged surveillance.”
The
crime branch had registered a case and initiated investigations
against him in September 2002 following a complaint
that he had “siphoned off''” funds worth Rs
2 crore from TFL during his tenure as its managing director.
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