CBI raids bankers, brokers
New Delhi, February 22
The searches followed after the CBI’s bank security and fraud cell registered two cases against some officials of Bharat Overseas Bank and Vijaya Bank and certain individuals for cornering shares which resulted in “illegal gains” of Rs 32 crore to certain individuals.
Two cases were registered against Roopalben Nareshbhai Panchal, Deepak Panchal, directors of Sugandh Estates and Investments Pvt Ltd, and certain officials of Bharat Overseas Bank and Vijaya Bank.
The searches, which began early today, have revealed that one financer who cornered Rs 1.5 lakh shares of the IDFC and 30,000 shares of the YBL, made a profit of Rs 4.6 crore. Similarly, another financer has made a profit of Rs 3.88 crore. A third financer, in a likewise manner, has sold 40,000 shares of the YBL and 1,60,000 shares of the IDFC.
The CBI has found that the main accused created fictitious accounts by procuring photographs of a large number of people. One of the accused, Roopalben N. Panchal, had inserted advertisements offering to photograph people free of cost.