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- By Parinda News Bureau, February 23, 2006, 14:31 IST
Hot on the trail of the IPO scamsters, the CBI conducted raids on brokers' premises in three cities on Wednesday. No arrests were made, but a source revealed that some incriminating evidence had been found. Cases have been registered by the CBI against Roopalben Nareshbai Panchai, Deepak Panchal, directors of Surigandh Estates and Investments, and certain officials of Bharat Overseas Bank and Vijaya Bank. The CBI alleges these people have connived with each other to corner shares worth Rs 32 crore. The CBI is also investigating the allegation that Karvy, the registrar for the two IPOs, has not done its homework, that is, they did not adhere to the Know-Your-Client norms. The IPO scam was initially unravelled by the vigilance wing of Sebi, headed by G Anantarmana, director, Sebi.
Following the revelations, the government activated its other enforcement wings, including the Central Board of Direct Taxes (CBDT). It is likely that there could be more action on this front in the coming days. The I-T department in the recent past had searched the premises of several investors dabbling mostly in penny stocks on behalf of others. These investments were made in benami names using bogus demat accounts as well as PAN cards.
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