DSQ Director Dinesh Dalmia produced before court

Chennai, Oct 9 (UNI) DSQ Software Director Dinesh Dalmia, who was arrested by the CBI in connection with two cases, was today produced before the Economic Offences Wing (EOW) Court-I and II.

In the EOW-I court he was produced in connection with the case pertaining to non-filing of Balance Sheets of the four companies floated by him, while in EOW-II he was produced in connection with the Rs 595 crore stock scam of 2000-01 involving the DSQ Software company.

Later, he was produced before a Metropolitan Magistrate court in Saidapet in connection with the Rs ten crore fraud of State Bank of India. He filed a bail plea, which would come up for hearing on October 11.

Meanwhile, the Magistrate extended his remand till October 19.

Dalma was arrested in February 14 this year, ending a three-year long search, after he was accused of criminal breach of trust, cheating and fraud in the Rs 595 crore stock scam of 2000-01.

He had allegedly induced the National Securities Depository Limited (NSDL) to dematerialise and credit 130 lakh equity shares of the DSQ software as fully paid shares.

The CBI had charged him with misappropriating the sales proceeds of the shares, amounting to Rs 595 crore and diverted the money to his front companies, before illegally selling them in stock markets.

Dalma had fled the country and went to US in December 2003 after it came to light that his company's Rs 595 crore preferential allotment during 2000-01 bull-run in the stock markets was a fraud.

UNI GV VD VC1936