Nareshkumar Pravinchandra Vyas has been absconding since August 12, 1995 when the case was registered. He was produced before Additional Chief Metropolitan Magistrate A A A Kidwai of the 37th Esplanade court and remanded to police custody till April 23, 1999.

Vyas' partner Mukesh Patel was arrested immediately after the case was registered but he is out on bail. The police have been able to recover 800 shares valued at Rs 20,300.

R K Suri, regional manager (Mumbai), Overnite Express, a courier company, had filed a police complaint claiming that three parcels containing share certificates were found missing between January-May 1995. The first two parcels were booked by Bhavesh Investments to A R Stock and Shares at Siliguri, West Bengal. Though the parcels werereceived at the airport office of Overnite Express at Siliguri, they did not reach A R Stock and Shares. The stolen shares were traced to the Vyas-Patel duo, who were carrying on business at Ahmedabad as sub-brokers without obtaining a registration from the Securities and Exchange Board of India (SEBI).