CBI Arrests Senior SEBI Official for Alleged Graft

New Delhi
CBI Arrests Senior SEBI Official for Alleged Graft
outlookindia.com
-0001-11-30T00:00:00+0553
CBI has arrested a senior official of Securities and Exchange Board of India and a middleman for alleged graft.

The agency arrested a Deputy General Manager of SEBI Avarjeet Singh and a midddleman Ashok Mehta for allegedly demanding and accepting a bribe of Rs 10 lakhs for getting an inquiry settled.

SEBI had barred an Ahmedabad-based share trading company from trading in September 2011 for alleged market manipulation using Global Depository Receipts (GDR) issues and initiated an inquiry against the firm.

"The DGM rank official of SEBI, who was conducting the investigation, had issued a show cause notice to the firm of the complainant. Meanwhile, the complainant came in contact with the middleman based in Mumbai who assured him to get the work done in favour of the complainant claiming close contact with the DGM rank official of SEBI," CBI said in a statement.
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