India arrests deputy general manager of the Securities and Exchange Board of India (Sebi)
Anshu Bandra
Jun. 2, 2012

India arrests deputy general manager of deputy general manager of the Securities and Exchange Board of India (Sebi) and a middleman under the Prevention of Corruption Act for demanding and accepting a bribe of Rs 10 lakh from a stock market investment firm of India. People in Mumai commended, ''he perhaps took bribe without appropriate political connection in the ruling parties.'' Sebi had put a stop operation notice to an Ahmedabad-based share trading company in September 2011 for alleged market manipulation using global depository receipts (GDR) issues.

The probe into the allegations were being conducted by the deputy GM Sebi. He issued a show-cause notice to the trading firm. The invest firm in turn contacted a bribe arranging middleman based in Mumbai to sort out the matter.

The officials of tghe company who finally lodged the bribe demaind complaint also met the Sebi official through the middleman who reportedly demanded a bribe of Rs 25 lakh to reverse the stop operation order. He asked the trading company to give Rs 10 lakh as the first installment payment of the bribe. The complainant approached the CBI. The CBI laid a trap and caught the middleman while accepting Rs 10 lakh. Later the middleman confessed to everything and led the authorities to the Sebi fellow who was finally arrested and put out of bribe taking operations.

India arrests deputy general manager of the Securities and Exchange Board of India (Sebi)
Anshu Bandra
India arrests deputy general manager of deputy general manager of the Securities and Exchange Board of India (Sebi) and a middleman under the Prevention of Corruption Act for demanding and accepting a bribe of Rs 10 lakh
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