Search the Internet          Tips  Sites: Finance, Investment

CBI throws fresh light on 5 OCBs

BS Markets Bureau

The Central Bureau of Investigation has told the Joint Parliamentary Committee, which is probing the equity markets scam of 2001, that it has identified the owners of at least five overseas corporate bodies which have figured at various times and in different ways in the scam.

In its written response to the JPC, the CBI has said that European Investments Ltd and Far East Investment Corporation Ltd are promoted by NRIs residing in Dubai and the UK, besides two Mauritian nationals. The latter had appointed three prominent Mumbai residents as the power of attorney holders to operate the various accounts.

The Securities and Exchange Board of India in its recent order in the case of Triumph International said that Ketan Parekh and his associated broking firm, Triumph International Finance (India) Ltd had duped and defrauded six OCBs including Brentfield Holdings, Kensington Investments, Wakefield Ltd, Dossier Investments, European Investments and Far East Investments.

European Investments and Far East Investments had filed a complaint with Mumbai police for recovery of Rs 830 million.

According to the post-evidence replies filed by the CBI before the JPC, Far East Investment and European Investment had initially opened accounts with the IndusInd Bank, Lamington Road branch which were subsequently closed and transferred to Global Trust Bank, Fort Branch in November 1999.

The CBI identifies the promoter of Kensington Investment Lt, Brentfield Holdings and Wakefield Holdings as one Thirupathur L Chandran and Meena Chandran, both Indian citizens residing in Singapore. It further identifies the Mauritius-based directors of these companies as Kapil Dev Joory and Coldip Vasant Lala.

The power of attorney in all three accounts, according to the CBI deposition, was one Amul Shah, identified as Ketan Parekh's brother-in-law. The CBI told the JPC that investigation in this regard are still in progress.

The CBI has documented a UK resident Suterwailas as the promoter of OCBs Rafs Corporation and Simphony Holdings, and has identified the foreign directors on these companies as Kee Choongli Kwong Wing, Amal Arpun Avtar, and Ah Chin Likwong Wing.

Powered by

ALSO READ:
The Rediff Budget Special
The Rediff-Business Standard Special
Money