Bhandari, who has been charged with forgery, cheating, violation of IT Act and criminal conspiracy, was sent to judicial remand yesterday by the Chief Judicial Magistrate Pankaj Singh Maheshwari.
He was arrested on January 30 by the Madhya Pradesh Special Task Force (STF), which had already apprehended SAIMS General Manager and his aide, Pradeep Raghuvanshi.
The SAIMS chairperson has moved an application for anticipatory bail before the Madhya Pradesh High Court after his bail plea was rejected by the district and sessions court, Bhopal.
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