Moneylife » Markets » Regulations » SEBI DGM denied bail in graft case by CBI court
SEBI DGM denied bail in graft case by CBI court
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| 22/06/2012 03:00 PM |
When our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail that will send wrong signals to the society
Ahmedabad: A special court of the Central Bureau of Investigation (CBI) has rejected bail application of Averjeet Singh, the deputy general manager of the Securities and Exchange Board of India (SEBI) and his aide arrested by the agency in a bribery case, reports PTI.
Special CBI judge, KB Gujarati, while refusing to grant bail to Singh and his accomplice Ashok Mehta, observed that CBI has prima facie made out a case against the accused.
"Moreover, when our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail, that will send wrong signals to the society," Judge further observed in his order.
CBI had arrested Averjeet Singh and Ashok Mehta on 2nd June following a complaint by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.
Singh was initially sent for three-day remand by the CBI court. The agency later sought further remand but the court refused.
The investigating agency then approached the High Court elaborating the need for five more days of interrogation in the case. Justice RH Shukla, on 15th June, granted further four days' custodial interrogation of Singh.
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Comment
Vaidya 11 months ago
I pray to GOD that this should not turn out to be the biggest joke of the year. Good Luck. Apart from auditing parties, IT was always free to investigate the individuals, and can do it now too. Do you need a microscope to see the gold chains, luxury cars, spending in very very costly hotels, multiple properties etc and not to forget the multiple PANs.