Former chairperson of Salima Sugar Company Sherieesh Betgiri who is alleged to have fraudulently obtained a $300 million loan in Dubai in the name of the sugar company, has been denied bail.
Betgiri appeared before the Chief Resident Magistrate’s Court in Lilongwe today following his arrest on Wednesday on charges of money laundering, tax evasion and fraudulently obtaining a $300 million loan in Dubai in the name of the company.
The suspect applied for bail but the state argued that they need more time to investigate the matter.
Senior State Advocate from the office of Director of Public Prosecutions (DPP) Dziko Malunda said Betgiri is a fright risk and is a person of influence who can interfere with investigations if released on bail.
Malunda added that Betgiri may be charged with more offences.
Chief Resident Magistrate Madalitso Chimwaza has since given the state seven days to conclude its investigations.
Betgiri will be remanded at Maula Prison until July 3, 2023 when the case is expected back in court.
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