CBI custody of IPO scam accused extended till March 7
Mumbai, Mar 1 (UNI) All seven people arrested by the CBI from Mumbai and Ahmedabad in connection with the fraud in the Initial Public Offer issue of Yes Bank Ltd and Infrastructure Development Finance Company, were further remanded to CBI custody till March 7 by special court judge S R Mehra.
All the seven were produced before special CBI judge S R Mehra by the CBI which sought their further remand to unearth more details about their role in the scam.
Purushottam Budhani, Manoj Dev Seksaria and Dushyant Dalal arrested from Mumbai, and Deepak Panchal, Parag Jhaveri, Jayesh Khandwala and Dhiren Vora arrested from Ahmedabad, were brought here on a transit remand.
CBI told the court that the accused, all of whom deal in shares, had entered into a conspiracy last year in Ahmedabad, Delhi and Mumbai for illegally opening Demat accounts to receive the shares of these companies offered to the public, thus cheating the public.
The seven had made illegal gains of around Rs 32 crore, the CBI told the court.
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