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April 4, 2001
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Money > Business Headlines > Report April 4, 2001 |
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CBI sees Ketan, HFCL nexusTamal Bandyopadhyay The Central Bureau of Investigation has stumbled upon a "nexus" between big bull Ketan Parekh and Himachal Futuristic Communications Ltd (HFCL). The agency has found that funds of at least Rs 500 million have flown from Panther FinCap & Management (current account no 16301 at Bank of India's Bombay Stock Exchange branch) to HFCL in December. According to sources, the actual flow could be much more. "It could run into few billions," sources said. When contacted, HFCL group chairman Mahendra Nahata said, "We had given a short-term loan for two months in mid-October. This was refunded in mid-December." According to sources, Parekh routed Rs 100 million on December 4 (cheque no: 833099), Rs 50 million on December 6 (cheque no: 923506), Rs 100 million on December 7 (cheque no: 923507), and Rs 250 million on December 18 (cheque nos 923520 for Rs 100 million and cheque no 833100 for Rs 150 million) to HFCL via Panther FinCap. "There is no apparent connection between Parekh and HFCL which justifies the funds flow. The stock broker may have kept inter-corporate deposits (ICDs) with HFCL or there could be other reasons as well. This needs to be probed," said a source. Parekh operated seven accounts with BoI and conducted transactions worth at least Rs 35 billion between December 2000 and March 10, 2001. BoI discounted pay orders worth Rs 24 million of Madhavpura Bank, StanChart, UTI Bank and Global Trust Bank. Out of Rs 24 billion, Parekh routed Rs 11.95 billion to three of his shell companies Nakshatra Software, Chitrakoot Computer and Goldfish Computer. Since Parekh was operating over a dozen accounts in various banks in Bombay, the investigative agencies are on the trail of all transactions to find out the flow of funds into various pockets. "Parekh may be the proverbial tip of the iceberg. We suspect that a few corporates as well as politicians were behind him in the stock market game," said a high banking source.
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