A Dhaka court today placed Mohammad Wahiduzzaman, a director of Crest Securities Ltd, on a two-day remand in a case filed over Tk 100 crore embezzlement of shares and money of investors.

Metropolitan Magistrate Md Atiqul Islam passed the order after Mohammad Hassan, an inspector of detective (DB) of police, produced him before the court with a 10-day remand prayer.

In the remand prayer, Hassan, also investigation officer of the case, said the accused -- in association of Crest Securities' chairman and other directors -- embezzled a large amount of shares and money from the investors. He needs to be remanded to find out vital clues and to know whereabouts of others responsible, the IO added.

Defence lawyers submitted a petition seeking bail and cancellation of the remand prayer claiming their client innocent.

Upon hearing from both sides, the magistrate turned down his bail and issued the remand order.

Wahiduzzaman was arrested by detectives from a house in the capital's Khilkhet area yesterday.

On July 6, detectives arrested Crest Securities Ltd Chairman Md Shahid Ullah and his wife Nipa Sultana Nupur from an area between Laxmipur and Noakhali.

Niaz Mohammad Shawkot, one of the investors, filed the case against Shahid, Nupur, Wahiduzzaman and several others with Paltan Model Police Station.