BOMBAY (PTI): The Central Bureau of Investigation (CBI) has traced Rs 127 crore illegally diverted to big bull Harshad Mehta’s account from sale proceeds of state bank of Indias security transactions with other banks.
It also uncovered a payment of Rs2.70crore made by the accused broker to an export firm owned by a Hawala dealer, the special court hearing the multi-crore securities scam was informed Aug.25.
The diverted proceeds were found credited to Harshad Mehta’s account between July 1991 and March 1992 following scrutiny of documents received from various banks since August 13 last, the CBI stated in one of the two remand applications submitted by it seeking extension of the brokers judicial custody that expired Tuesday.
Harshad Mehta paid Rs2.70 crore to MS Romil exports” owned by a Hawala dealer between February and December 1991 and was instrumental in arranging foreign visit of a Bombay-based bank officer during 1991-92, the CBI stated in the application, adding it was suspected that the broker made the payment to a family member of an officer of a different bank in the Metropolis.
Article extracted from this publication >> September 4, 1992
