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- By a Parinda Crime Reporter, February 25, 2006, 11:57 IST
Mumbai: Four persons arrested by Central Bureau of Investigation (CBI) from Ahmedabad in connection with the fraud over the IPO issues of Yes Bank and IDFC were on Friday remanded to CBI custody till March 1. The four-Deepak Panchal, Parag Jhaveri, Jayesh Khandwala and Dhiren Vora--were brought here by CBI on a transit remand and were produced before Special CBI Judge S R Mehra this evening where the probing agency sought their custody to interrogate them of their role in the scam. The court then sent them to CBI custody till March 1. Meanwhile, three others - Purushottam Budhani, Manoj Dev Seksaria and Dushyant Dalai - were arrested here on Thursday in the same case and were also remanded to CBI custody till March 1. The investigating agency told the court that the accused-all dealing in share* business, had conspired last year in Ahrnedabad, Delhi and Mumbai to illegally open demat accounts to receive the shares of Yes Bank and Infrastructure Development Finance Company (IDFC) offered to the public, thus cheating them. Their modus operandi was that they opened several bogus demat accounts in HDFC Bank, ING Vysya and Bharat Overseas Bank in Mumbai and Vijaya Bank in Ahrnedabad and received shares at IPO (initial public offering) prices of Rs 34, sold them at a higher price of Rs 60 and earned a profit of over Rs 30 crore.
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