Friday, Jul 01, 2005
Friday, Jul 01, 2005 |
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Bangalore
Staff Reporter
BANGALORE: The Central Bureau of Investigation (CBI) on Thursday conducted raids at several places in Bangalore in connection with the alleged fraudulent transfer of funds from Global Trust Bank (GTB) to a front company of the stockbroker, Ketan V. Parekh. Highly placed sources in the CBI told The Hindu that raids were also conducted in Hyderabad, the headquarters of the erstwhile GTB, Mumbai and New Delhi. According to the sources, Rs. 38.50 crores was "fraudulently" transferred from GTB to a software firm, Shonk Technologies International Ltd. allegedly floated by Mr. Parekh. The company, which earlier had its office at Jayanagar here, has been shifted to New Delhi. According to bank records, the GTB branch at Mahatma Gandhi Road here had released Rs. 38.50 crores to Shonk Technologies at 11 p.m. on March 31, 2001, the sources said. In fact, the amount was released on March 12, 2001, they said. Some of the directors of Shonk Technologies are based in Bangalore. The CBI conducted raids and seized certain documents.
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