CBI arrests SEBI official for taking Rs25-lakh bribe

CBI has arrested an official of SEBI on charges of demanding and accepting Rs25 lakh from a Kolkata-based businessman

The Central Bureau of Investigation (CBI) has arrested an official of the Securities and Exchange Board of India (SEBI) for demanding and taking a bribe of Rs25 lakh from a Kolkata-based businessman.

SEBI's assistant general manager Rajesh Pratap Singh had asked Gautam Kundu, chairman, Rose Valley Group of Companies, to furnish some documents and other particulars of the business being transacted by one of its companies as a corporate agent of LIC and GIC. RP Singh also allegedly asked for a bribe of Rs25 lakh from Mr Kundu for not pursuing the matter.

CBI's head for the anti-corruption unit Samir Ranjan Muzumdar led a team to make the arrest on Sunday evening at a restaurant in Alipore area of South Kolkata.

According to media reports, cash worth Rs28 lakh and other documents showing huge investments in movable and immovable property were recovered from the residence of RP Singh.

On Monday, Mr Singh was produced before the Special Judge at Alipore in Kolkata. He was remanded to judicial custody until 12th February.

“The arrested official (RP Singh) has been put on suspension with immediate effect,” an official from SEBI said. According to our sources, SEBI chairman CB Bhave has sent out an email expressing concerns over the bribe-taking incident.
 

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    COMMENTS

    B.B.Behera

    1 decade ago

    Why CBI arrested Singh of SEBI?As per the functioning of SEBI I found the SEBI officials are exempted from CVC & CBI raid as because they are working for the interest of fraud companies,brokers and Depository Participant and Depository.Though SEBI Act was enacted in the parliament for the best interest of the General Investment Public but in reality they are safe guarding the interst of the fraud/Cheator companies,Brokers,Depository and DPs.Dr.Man Mohan Singh rightly told our Vigilance depts,CBI and CVC failed to catch Big Fish those officials taking bribe worth crores
    B.B.Behera,Advocate

    debashish mohanty

    1 decade ago

    Instead of regulating capital market and mutual fund C B Bhave should bring strict regulation in his office and investro should know what happened in the case of NSDL against him.

    Avinash Murkute

    1 decade ago

    It was heartening to read the news of arrest of SEBI AGM while accepting huge bribe of 25 Lakhs. This very episode exposed transparency claims of state and defaced the slogan of Zero Tolerance to Corruption.
    Public servants striving for such big amount of bribe is really shocking and this could be eye opener for many PSU CMD's too.

    CBI as well as complainant needs to be congratulated for delighting citizens of India for such wonderful news.
    The corrupt should understand that true citizen of India celebrate arrest each corrupt national.

    Time to brand corrupt nationals as terrorist. Thanks to Money Life for better coverage.


    Regards,
    Avinash Murkute

    rangan v

    1 decade ago

    this claerly shows that sebi which is formed for invetorsprotection actaully colluding with shadypromoters since sebiofficials can easily negotiate unlike the public .sebi is aden of corruption and no public can approach with ease and anypublic going to sebi are traeted shabbily as if they are demi gods.it is high time that sebi make all face value of shares to re 1 so that it can out to rest all cconfusion by investingpublic

    Vijay Trimbak Gokhale

    1 decade ago

    I bow my head down in utter shame. Pray god that there are not many skeletons waiting to tumble from the cupboard and this is not just a tip of the iceberg.

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