A Kolkata-based businessman, Sayed Yasmeen Mohammad Sayed, was Thursday arrested by a special investigating team for his alleged complicity in the multi-crore fake stamp paper scam.

Rediff Special: The stamp of corruption 

Sayed, the 58th accused in the stamp paper scam, was produced in Pune before Judicial Magistrate First Class M N Bondre, who remanded him to police custody till November 13.

Special Public Prosecutor Raja Thakre said the accused has close links with the prime accused in the stamps scam, Abdul Karim Telgi.

Thakre said Sayed's custodial interrogation is needed to investigate Telgi's inter-state operations and also to find out what properties he had acquired in Kolkata.

The public prosecutor said the accused was earlier arrested by the Bangalore police for a similar offence.
 
Telgi and 57 others are facing charges of printing and distributing counterfeit stamps and stamp papers in Maharashtra and other states causing losses to at least four state government to the tune of crores of rupees.