The Hindu : CBI raids broker, SBI MF, UTI officials

Online edition of India's National Newspaper
Thursday, Nov 13, 2003

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Business

CBI raids broker, SBI MF, UTI officials

NEW DELHI NOV. 12. The CBI today conducted raids at various places in the national capital, Kolkata and Mumbai in connection with the fraudulent issue of shares by Padmini Technology to SBI Mutual Funds and the Unit Trust of India by various brokers including Ketan Parekh resulting in loss of more than Rs. 62 crores.

The raids, conducted at 11 premises in Kolkata, five premises in Mumbai and 12 in the national capital, included residences and offices of Ketan Parekh, Managing Director, Vivek Nagpal of the busted Padiani Technology, and the then Managing Director of SBI Mutual Fund, Niyamatullah, highly placed CBI sources said here.

The raids were conducted today after CBI registered a case on September 27 after the preliminary enquiry alleged involvement of Mr. Parekh, some UTI and SBI Mutual Fund officials and the sacked Chairman of UTI, P. S. Subramanyam.

The CBI has alleged that Padmini Technology shares were sold to SBI Mutual Fund and UTI in off-market trading and its listing in the stock exchanges was done by submitting forged documents. — PTI

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