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Ruby Mills’ MD arrested by CBI in alleged bank fraud case

LiveMint logoLiveMint 03-08-2017 PTI

Mumbai: The Central Bureau of Investigation (CBI) has arrested Bharat M. Shah, the managing director of Ruby Mills, a city-based cotton and blended fabrics manufacturing company, in connection with an alleged bank fraud case, a spokesperson of the agency said on Thursday.

“Shah was arrested on 1 August in connection with the ongoing investigation in a bank fraud case,” the CBI spokesperson said. Shah was produced before a special CBI court, which remanded him in CBI custody till 8 August, he said.

The CBI spokesperson, however, refused to divulge any details regarding the alleged fraud or the quantum of money allegedly misappropriated.

Ruby Mills, a listed company, is into manufacturing of cotton and blended fabrics and has its registered office at Dadar in central Mumbai. No company official was available for comment.

The Ruby Mills scrip on Thursday shed 2.42% to close at Rs368.50 apiece on the BSE, as against the 0.74% correction on the benchmark.

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