24 directors of Niphad sugar factory held for fraud

NASHIK: Twenty-four former directors of a co-operative sugar factory in Niphad have been arrested and remanded to judicial custody till August 31, in connection with a fraud of over Rs 10 crore, police said on Wednesday.

The arrest was made after a local court rejected their anticipatory bail plea yesterday, they said.

Secretary of Sugar factory, Sahebrao Vithal Shivale had lodged complaint stating that a fraud of Rs 10.67 crore had occurred during the sale of sugar bags sold between October 1, 2004 and May 2, 2005.

The then board of directors had moved to the Mumbai High Court seeking anticipatory bail, which was rejected following which they moved to the Niphad court.