TNN Jun 2, 2012
NEW DELHI: The Central Bureau of Investigation (CBI) has arrested a deputy general manager (DGM) of Securities and Exchange Bureau of India (Sebi) and a middleman on bribery charges. Sebi had barred an Ahmedabad-based share trading company from trading last September for alleged market manipulation using Global Depository Receipts (GDR) issues and initiated an enquiry against the firm.
"The DGM, Avarjeet Singh of Sebi, who was conducting investigation had issued show cause notice to the firm of the complainant. The complainant came in contact with the Mumbai-based middleman Ashok Mehta, who assured to get the work done in favour of the complainant, claiming close contact with the Sebi official," CBI said in a statement. It said Mehta had allegedly demanded Rs 25 lakh from the complainant on behalf of the Sebi official.
"The complainant also met the Sebi official who asked him to give the bribe amount to the middleman. The accused asked for Rs 10 lakh as the first installment of bribe. As the complainant did not want to pay the bribe, he lodged complaint with CBI," the statement added. The agency laid a trap and the middleman who came to Ahmedabad for taking delivery of the bribe was caught while accepting illegal gratification of Rs 10 lakh on behalf of Singh.
The Sebi official was also arrested. Searches were conducted at the premises of the middleman and the SEBI official in both Mumbai and New Delhi. The accused were produced in court, the CBI said.
http://articles.timesofindia.indiatimes.com/2012-06-02/india/31983686_1_sebi-official-middleman-cbi
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