New Delhi, July 29 -- Observing that the allegations disclose an economic offence involving the alleged siphoning of funds worth crores, that a bank has allegedly been cheated, and that the accused had been evading the process of law for the last two years, a Kolkata court on Tuesday remanded a businessman Mahendra Goenka, to further police custody till August 1, 2026.

The court held that the investigation is at a nascent stage and custodial interrogation is necessary for an effective probe.

The Chief Judicial Magistrate, Calcutta, rejected Goenka's bail plea and allowed the investigating agency's request for further police custody till August 1.

The court observed that considering the nature and gravity of the offence, the materials c...