Chief MD of STC remanded to 5-day CBI custody

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New Delhi, Jul 17 (UNI) Special CBI Judge V K Maheshwari today remanded F M Dewan, the 10th Chief Managing Director (CMD) of State Trading Corporation (STC) and its associates H R Sardana to CBI custody till July 21.

Both Dewan and Sardana were arrested by the CBI on July 8 after the agency got the permission to re-open investigation in the case relating to irregularities in the import of wheat from Australia by STC in 1998.

The raid conducted at Dewan's residence had revealed the details of 14 immovable property running into crores located in Delhi and NCR, and also evidence of huge investments in shares and bonds, and in other costly household items including three cars, value of which has been estimated over Rs 1.5 crore.

Earlier, the CBI court had remanded the duo to eight days of CBI custody.


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