Mumbai, Feb 24 (UNI) Four people arrested by the Central Bureau of Investigation (CBI) from Ahmedabad in connection with the fraud over the IPO issues of Yes Bank and IDFC were today remanded to the probing agency till March one.
The four--Deepak Panchal, Parag Jhaveri, Jayesh Khandwala and Dhiren Vora--were brought here by the CBI on a transit remand and were produced before the Special CBI Judge S R Mehra this evening where The probing agency sought their custody to interrogate them about their role in the scam.
The court then sent them to CBI custody till March one.
Meanwhile, three others - Purushottam Budhani, Manoj Dev Seksaria and Dushyant Dalal - were arrested here yesterday in the same case and were also remanded to the CBI custody till March one.
The investigating agency told the court that the accused, all dealing in share business, had conspired last year in Ahmedabad, Delhi and Mumbai to illegally open demat accounts to receive shares of Yes Bank and Infrastructure Development Finance Company (IDFC) offered to the public, thus cheating them.
Their modus operandi was they opened several bogus demat accounts in HDFC Bank, ING Vysya and Bharat Overseas Bank in Mumbai and Vijaya Bank in Ahmedabad 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.
UNI PVN GK AK KN1955