Investments Ideas and Research - Of Investor, By Investor, For Investor
Stocks, Mutual Funds, Bonds, Debentures, Fixed Deposit, Real Estate

October 14, 2007

CBI files chargesheet against 22 in IPO scam

The Central Board of Investigation has filed a chargesheet against 22 persons/entities involved in the IPO scam. The chargesheet relates to two criminal cases registered on a complaint from the Securities and Exchange Board of India in February 2006.

A statement issued by the CBI said that thousands of applications in the name of fictitious persons were submitted to corner shares received in the retail individual investors (RII) category. Many photographs were downloaded from Web sites and pasted on application forms under different names with a common postal address. The CBI has filed chargesheet against some bank officials, who had deliberately flouted the "know your customer" (KYC) norms to open thousands of fictitious bank accounts and also sanction loans to such fictitious applicants.

Source: Hindu Businessline

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
© Copyright 2009-12 Powered by Blogger.

© 2007-2012 Investor Souk: Our Research for your USE, All Rights Reserved.

Template by ScreenWritersArena