New Delhi: A private firm's owner arrested by the CBI for allegedly cheating a government bank of Rs 10 crore on the basis of a fake identity was on Friday remanded in four-day police custody by a special court in New Delhi.

The Central Bureau of Investigation arrested Jain Tex and Fab proprietor Parvesh Jain on Thursday for allegedly conspiring with other accused by way of impersonation, cheating and forgery and thereby causing a loss of Rs 10 crore to IDBI Bank, a public sector undertakings.