India, Oct. 5 -- A special court recently remanded Sanjiv Rasiklal Sheth, director of EMI Transmission Ltd, to the custody of the Central Bureau of Investigation (CBI) up to October 8 in connection with an alleged bank fraud of Rs.739.20 crore.

According to the CBI, Sheth, who was the company's whole-time director since 1990, allegedly masterminded a scheme to defraud a consortium of banks from 2000 to 2017. He submitted forged balance sheets and manipulated stock statements to secure credit facilities far in excess of what the company was entitled to.

The central agency further alleged that about Rs.225 crore of the bank loan funds were diverted to foreign entities in Dubai, with a part of the money used for personal and commercial pur...