By Chisomo Phiri
The Chief Resident Magistrate’s Court in Lilongwe has Friday denied bail to former chairperson for Salima Sugar Company Sherieesh Betgiri who is being accused of 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 adding that Betgiri is a fright risk hence he is a person of influence who can interfere with investigations if released on bail.
Chief resident magistrate Madalitso Chimwaza since gave the State seven days to conclude its investigations.
Senior State Advocate from the office of Director of Public Prosecutions (DPP) Dziko Malunda also informed the court that the State is likely to charge the suspect with more offences hence the request for additional time.
Betgi will therefore, be remanded at Maula Prison until July 3 2023 when the court will meet again to be briefed on the progress of the investigations by the State.
He was arrested on Wednesday this week .
