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April 2, 2001
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Money > Business Headlines > Report April 2, 2001 |
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Dubai link of brokers being probedBS Corporate Bureau Government investigation agencies are looking into alleged links between some key Bombay brokers and the Dubai underworld in the wake of the stock market crisis. Top sources close to the investigation revealed that the agencies were ascertaining the reasons for frequent visits by some brokers to Dubai, and their business links there. Phone calls made by the brokers to their Dubai associates are also being probed. The agencies are also looking at the possibility of some financiers and other key persons associated with the film industry having a nexus with the brokers and the Dubai underworld. Top sources said hawala money and cash from the underworld could have been diverted into the stock market and used to ramp up share prices. The Dubai connection is being probed as part of the investigation into the links between stock brokers, some FIIs, the film industry and companies whose shares were ramped up. Meanwhile, the CBI may expand the scope of its investigations to look into various aspects of the stock scam. The alleged role of brokers and promoters in ramping up certain shares with the help of some banks and FIs is already under scrutiny. Parekh has been refused bail and will be kept in remand till April 9. He was arrested for allegedly duping Bank of India of Rs 1.37 billion in connivance with officials of the Madhavpura Mercantile Cooperative Bank. The CBI has put the total pay order scam at Rs 8 billion.
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