NEW DELHI (PTI): Indian government has constituted a high powered Committee comprising senior officers from the premier investigating agency Central Bureau of Investigation (CBI) income tax enforcement directorate and Reserve Bank of India in tracing funds involved and assets created as a result of the multicore securities scam.
An official release here said the committee had commended work and micro level scrutiny of the fund flaw of those involved in the scam were in progress combined and coordinated efforts in tracing the scam money.
The custodian appointed under the Special court act justice Variava at Bombay will be the chairman of the committee the release said
Investigations on Benami (fictitious) Share transactions of the Harshad Mehta group have revealed that about Rs 1.58 million worth of shares were so far involved in such transactions of these considerable numbers were traded in the stock exchanges the release said.
It said eight brokers who had assisted in these deals had been suspended by the stock exchanges and others involved had been asked to explain the circumstances under which they acquired these shares.
Article extracted from this publication >> January 7, 1994
