A Chartered Accountant Rajiv Jain , who along with four others arrested for allegedly trying to get favourable order from the Board for Industrial and Financial Reconstruction (BIFR), was sent to a day's police custody by a Delhicourt. 

The court, however, sent accused Arun H Jain, Managing Director of NRC, M C Nalwaya, Chief Finance Officer of NRC, Sajit Kumar Das, BIFR's bench officer and accused N K Jain to judicial custody till March 20, after CBI did not seek their further remand. 

Rajiv was handed over to CBI till March 8 after the agency informed the court that "he is not cooperating in the probe and has also not given any information about the trail of money". 

To which the judge said "after going through the same and specially the intercepted conversation pertaining to accused Rajiv Jain, I am of the opinion that to unearth larger conspiracy and the role of other accused persons, who are yet to be arrested, one more day PC (police custody) remand is granted...." 

Initially, CBI had arrested Arun Jain, Nalwaya, Das and Rajiv Jain and got custody till March 7. Subsequently N K Jain was apprehended. 

According to CBI, a raid was conducted on March 3 at the office of Rajiv Jain at Safdarjung in south Delhi and "illegal gratification" of Rs 10 lakh, allegedly paid by Nalwaya and Arun, was seized from his possession. 

CBI had registered an FIR under section 120-B (criminal conspiracy) of IPC and under various provisions of Prevention of Corruption Act. 

BIFR was set up by government under the Finance Ministry which determines sickness and expedite the revival of potentially viable units or closure of unviable units. (PTI)