Calcutta, Oct. 19: Calcutta Police have asked the Enforcement Directorate (ED) in Mumbai to detain Dinesh Dalmia, the promoter and managing director of DSQ Software. The directorate is interrogating Dalmia in Mumbai for suspected violation of foreign exchange regulations.
DC (DD-I) Soumen Mitra said a formal notice had been sent to the directorate in Mumbai, asking the ED to detain him even after the interrogation was over. This implies Calcutta Police may soon manage to get Dalmia in their custody in connection with the Rs 120-crore scam at the Calcutta Stock Exchange (CSE).
The company and its management may be booked under the Foreign Exchange Management Act (Fema) if found guilty of violations. But since Fema does not warrant criminal prosecution for most offences, the ED is unlikely to arrest Dalmia, who has obtained anticipatory bail from a court in Chennai. Sources in Lalbazar said Dalmia’s bail was being examined as the police gear up to nab him for collusion with brokers in Calcutta.
DSQ is being probed for issuing 40 lakh shares to different overseas corporate bodies to acquire Fortuna Technologies, a company in the US. It was later found that the shares were issued illegally, and the market regulator forced DSQ to abandon the acquisition and cancel the shares.
Harish Biyani, one of the defaulter-members of CSE, had transferred to the bourse 10 lakh of those disputed shares for recovery of his dues. The exchange considers this as an attempt to cheat it.
Dalmia is also wanted in the Rs 24.4-crore scam involving Biyani, SHCIL and IndusInd Bank. Biyani is alleged to have cheated SHCIL and the bank through fraudulent deals in the shares of DSQ Industries.