CBI raids SBI, UTI officials and Ketan Parekh premises

CBI on Wednesday conducted raids at various places in the national capital, Kolkata and Mumbai in connection with the fraudulent issue of shares by Padmani Technology Limited to sbi Mutual Funds and UTI by various brokers including Ketan Parekh resulting in loss of more than Rs 62 crore.

The raids, conducted at 11 premises at Kolkata, five premises at Mumbai and 12 in Delhi, included residences and offices of Ketan Parekh, managing director Vivek Nagpal of the Padmani Technology and the then managing director of sbi mutual Fund Niyamatullah, highly placed cbi sources said here.

The raids were conducted after cbi registered a case on September 27 after the preliminary enquiry alleged involvement of Parekh, some UTI and sbi mutual Funds officials and former chairman of UTI P. S. Subramaniam.

The cbi has alleged that Padmani Technology shares were sold to sbi mutual Fund and UTI in off-market trading and its listing in the stock exchange was done by submitting forged documents. The sources said several documents had been seized and more picture would be available by Thursday only. PTI