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| May 30, 1997 |
CBI panel to probe CRB case
Disclosing this on Friday, CBI Director Joginder Singh said the committee would take into confidence various financial institutions, namely the Reserve Bank of India, the Securities and Exchange Board of India, the income-tax department, the enforcement directorate and the police, for details. Singh said Deputy Inspector General Arup Patnaik, in-charge of the CBI's bank scam and fraud cell, would head the co-ordination committee and report to CBI Regional Director (western region), Mahendra Kumavat. CRB's total liabilities, he said, was of the order of about Rs 9.32 billion. This includes Rs 1.5 billion which has to be paid to various banks, including the Unit Trust of India and some banks in Gujarat. The inter-corporate deposits of the bank ranges over Rs 1 billion, Singh said. Over Rs 1.86 billion has to be paid to individual investors, while the company owe Rs 2.39 billion to the mutual fund instrument holders, the CBI director said, adding that the public investments of the company ranges over Rs 2.58 billion. Asked about raids at the homes of CRB chairman Chand Roop Bhansali, former State Bank of India chairman M K Sinha and another top SBI official, V M Gokhale, he avoided comment. He said efforts were on to locate Bhansali, with Interpol also being intimated. Informed of the claim of city Bharatiya Janata Party president Kirit Somaiya -- who is also president of the Investors Grievances Forum -- that the Bhansalis are hiding at a top political leader's home in the capital, Singh again declined to comment.
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The Central Bureau of Investigation has decided to set up a co-ordination committee which will probe the multi-billion rupee CRB group financial scam and will submit a report within a month.