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Kolkata: CITY-based entrepreneurs Kaustav Ray and Shivaji Panja, arrested last Thursday (15 March) for alleged Rs 515-crore bank fraud, have been remanded to CBI custody for another four days.

CBI today produced the duo in the Alipore court in Kolkata and prayed for further remand saying that they need to interrogate them more. Earlier on 16 March, the court had sent the duo to CBI custody for three days.

The lawyers of Ray and Panja pleaded for their bail but they judge paid no heed. Instead, the CBI was granted another four days remand for the two entrepreneurs, who were once close to Trinamool supremo and Chief Minister Mamata Banerjee.

CBI investigators have so far quizzed Ray and Panja separately to find out how they had forged documents to avail Rs 515-crore loan from a consortium of 11 nationalised banks and where the money has gone. Now, the duo will be interrogated together, CBI sources said.