CBI arrests Panchal, 6 others in IPO scam

The Central Bureau of Investigation (CBI) on Thursday arrested seven people, including the kingpin Deepak Panchal, in connection with the in...

The Central Bureau of Investigation (CBI) on Thursday arrested seven people, including the kingpin Deepak Panchal, in connection with the initial public offering (IPO) scam in IDFC and YES Bank that resulted in an illegal gain of Rs 32 crore.

In Ahmedabad, it arrested Panchal, Parag Zaveri, Jagdish Khandwala and Dhiren Vora, while in Mumbai the sleuths nabbed Purshottam Budhwani, MG Seksaria and Dushyant Dalal. The accused from Ahmedabad got a transit remand and will be produced in a designated CBI court of justice S.R. Mehra in Mumbai.

The CBI produced Purshottam Budhwani, Manoj Seksaria and Dushyant Dalal before the Sessions Court in Mumbai on Wednesday. All three have been remanded to police custody till March 1.

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The CBI booked these people for allegedly making an illegal profit after cornering a large number of shares meant for retail investors in the IPOs of YES bank and IDFC. Budhwani and Seksaria are retail investors and Dalal is a financer.

The CBI on Wednesday raided 27 places in Ahmedabad, Mumbai, Delhi and Hyderabad following a complaint filed by the Sebi. CBI sources said that the officials seized a number of documents from the premises of Roopalben Panchal, Deepak Panchal and Dhiren Vora.

The searches yielded about Rs 1 crore in cash and substantial investment by these investors in other assets. However, Roopalben, the main accused in the IPO scam, has been absconding, sources said.

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