Indian Domestic News, 20 Oct 93
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Dilip Sardesai arrested Bombay: Former Indian test cricketer, Dilip Sardesai and a leading Pune-based businessman Jayant Vittaldas were Friday arrested and remanded to judicial custody till October 29 in connection with alleged foreign exchange regulation act violations, involving $6.89 million. The arrests followed seizure of certain documents by the income tax department during its raid on Vittaldas' residence in Pune on October 12 and 13, indicating FERA violations and the subsequent Cuffe Parade residence in this metropolis on India's west coast. The department has handed over the documents to the directorate, which carried out raids on Sardesai's house and subsequently arrested both. In his statement, Sardesai denied having received the amounts in foreign exchange as stated in the stamped receipts. He, however, admitted that the contents of the receipts and some corrections made in the receipts were in his handwriting and also confirmed his signature. The receipts were meant as a security for raising abroad for certain projects in which he was working, the report said. Vittaldas, in his statment admitted that the 14 receipts were seized from his place but denied about making any payments to Sardesai. The remand further said on the basis of available evidence, it appeared that Sardesai had acquired a total of $6,889,100 without any general or special permission from the Reserve Bank of India.