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CBI allowed to take IPO scam accused to Mumbai

Written by: Staff

Ahmedabad, Feb 23 (UNI) A special court here today granted one-day transit remand of Deepak Panchal and three others, held in a major fraud in allotment of Initial Public Offering (IPO) issues of Yes Bank and Infrastructure Development Finance Company (IDFC), in order to enable the CBI to take them to Mumbai.

Special CBI judge Z K Saiyyad directed the CBI team to produce the four accused in the Mumbai CBI court by 1730 hours tomorrow.

Deepak Panchal is brother-in-law of alleged kingpin in the scam Ms Roopal Panchal, while the other three -- Jayesh, Parag and Dhiren -- are share brokers.

The accused had allegedly amassed gains of over Rs 32 crore by making fictitious share transactions of Yes Bank and IDFC.

They were arrested yesterday by CBI teams after conducting simultaneous raids at 21 places. The investigating agency had registered two regular cases following a complaint by the Securities and Exchange Board of India.


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