The Central Bureau of Investigation has arrested seven persons, including Deepakbai N Panchal, in Ahemadabad in connection with the IPO scam in IDFC and YES Bank which resulted in illegal gain of Rs 32 crore (Rs 320 million) to certain individuals and entities.
The seven people arrested will be produced in a designated CBI court to seek their remand, CBI sources said.
The CBI had conducted raids at 27 places in four cities after registering two cases against several people for allegedly cornering share of these two banks and offloading them on the day of its listings in the stock exchange.
Rupalbai Panchal, who is the main accused and sister-in-law of Deepakbai was still absconding.