However, Principal Sessions Judge A S Aguiar stayed the arrest of the CA, Kailashnath Laxmichand Gupta, till August 29, 1998 to enable him to move the high court to file an appeal.

Stock broker Mahendra Popatlal Vora had lodged an FIR with the anti-extortion cell (south region) against Gupta on May 19, 1998. He claimed to have received threatening calls from one Nafiz claiming to be a member of Dawood Ibrahim gang.

According to the FIR, Nafiz asked Vora to contact Dawood's brother Noora on telephone (0097150-6443786) and pay a sum of Rs 1.5 crore to Gupta failing which the broker's family would be killed. Vora claimed to have received the death threats twice.

The cause of the dispute between Vora and Gupta was a piece of advice the stock broker gave the CA three years ago. Gupta wanted to invest in badla transactions in the share market.

Since Vora did not deal with badla he referred Gupta to another broker, one Nitin Parekh through whom Gupta invested Rs 1.5 crore. The FIR stated that their relations which started off well soured later. When the share market slumped, Gupta demanded Rs 1 crore back. When Parekh could not pay, he approached Vora to persuade him.

However, Parekh failed to return Gupta's money. In November 1997, Gupta along with six of his associates barged into Vora' office and forcibly took eight kgs of gold bonds belonging to Vora Financial Services Ltd and forced Vora and others to sign on several blank sheets and several stamped papers. Later, Gupta took away Vora's car too. Special public prosecutor Vasanti Joshi appeared for the state and Harshad Ponda appeared for Vora.