The Kolkata court has remanded businessman Mahendra Goenka to police custody until August 1, 2026, based on allegations involving a significant economic offence. It has been reported that Goenka is implicated in the alleged siphoning of funds, amounting to crores, and has reportedly cheated a bank. The court noted that Goenka has been evading legal processes for the past two years, which contributed to its decision to deny his bail request.

Chief Judicial Magistrate of Calcutta rejected Goenka’s plea for bail, asserting that custodial interrogation is crucial for an effective investigation, which is still in its early phases. The court also indicated the serious nature of the allegations necessitating further scrutiny through police custody.

Goenka was apprehended by Kolkata Police in Delhi. Hailing from Raipur in Chhattisgarh, he faces accusations of defrauding businesses linked to BJP MLA Sanjay Pathak from Vijayraghavgarh, Madhya Pradesh, allegedly amounting to approximately ₹1,000 crore. This case includes serious claims of attempting to gain unauthorised control over these companies.

Allegations and Evidence Presented in Court

The allegations involve Euro Pratik Ispat India Private Limited, a company owned by Pathak’s family and based in Kolkata, where Goenka allegedly held a senior management position. Reports suggest that he, along with his wife and associates, used forged documents to remove two directors and replace them with four others, thus manipulating the company’s leadership.

The accusations extend to financial misconduct, including the dishonest sale of company assets, leading to a substantial misappropriation of funds. The defence team has contended that essential documents have already been seized and that further custody is unwarranted. They argued in court that the complainant does not have ownership of the shares in question and that there have been no unfavourable decisions from the National Company Law Tribunal (NCLT).

In response, the complainant’s side firmly opposed Goenka’s bail application. They asserted that original share certificates acknowledged by the NCLT validate the complainant’s ownership, countering the defence’s claims. They also argued that Goenka’s role as the beneficial owner is documented in relevant records, which show that substantial funds had been diverted and that a bank has been defrauded.

Court’s Decision and Next Steps

The court’s decision to deny bail was influenced by the ongoing investigations and the necessity for a thorough inquiry into the alleged financial irregularities. The judge has mandated that Goenka be held in police custody until August 1, 2026, to facilitate this ongoing investigation. Additionally, the court instructed the investigating officer to adhere to Supreme Court directives from the D.K. Basu case, ensuring the safety and welfare of Goenka during custody.

Goenka is expected to appear before the court again on August 1, 2026, at which point the case will likely progress further based on the investigation’s findings up to that date. The implications of these allegations may have significant repercussions on both Goenka and the associated companies if the claims are substantiated.

The court’s actions highlight the serious nature of economic offences and underline the judicial system’s commitment to investigating such complex financial cases thoroughly. As the case unfolds, it is anticipated that more details will emerge regarding the alleged wrongdoing involving substantial sums and prominent individuals.

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