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CBI on lookout for Ketan Sheth, searches firms of Gond's wife

The Central Bureau of Investigation on Monday carried out searches at two private investment firms in the city allegedly belonging to the wife of A K Gond, former commissioner of Seamen's Provident Fund Organisation, who is under police custody in connection with defrauding of Rs 927.8 million of seamen's provident fund in Maharashtra.

The agency is also on the lookout for Ketan Sheth of Gilt Edged Securities, who is the other accused along with Sanjay Agarwal, promoter of Home Trade Securities, in the case registered by the CBI's bank securities and fraud cell following a complaint lodged by the director general of shipping D T Joseph last week, CBI officials said.

Offices of Home Trade and Gilt Edge have already been sealed following a case registered against them in Nagpur for their involvement in the multi-billion-rupee government securities scam.

The CBI officials suspect that the provident fund money was allegedly routed through the two firms belonging to Gond's wife for investment in bonds of Maharashtra Krishna Valley Development Corporation and government securities through Home Trade Securities and Gilt Edge.

Gond, however, failed to secure any physical delivery of the securities.

Gond was arrested yesterday and remanded to police custody till May 17. A CBI official said Sanjay Agarwal, who surrendered to the police in Nagpur on May 11, would be brought to Mumbai later for questioning.

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