New Delhi: Madan Lal Khandelwal accused of running a racket of melting coins, has been remanded to three days police custody by a Delhi Court as it turned down his plea for deleting his name from the chargesheet.
"Huge quantity of coins and slabs of metal worth Rs eight lakh has been recovered. State exchequer is stated to be at the receiving end by the alleged crime," Additional Chief Metropolitan Magistrate (ACMM) G P Singh said.
"Finding it expedient in justice, police custody remand of the accused Khandelwal is granted till March 15," the court said on Tuesday.
The police sought his custody saying that it was necessary to unearth the conspiracy pertaining to the source of procuring the coins and destination of the converted metal slabs by the accused.
The court also rejected Khandelwal's plea to grant bail. Khandelwal, appearing in the court following an order of the High Court, sought deletion of his name from the chargesheet filed by the Crime Branch of the Delhi police on January 5 last year.
The ACMM, however, dismissed his contention saying that evidence had been brought on record to project that the accused was the brain behind running the racket.
The court also referred to the Reserve Bank of India Act to state that even the RBI was not entiled to dispose of Rupee coin except for the purpose of circulation.
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