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IPO scam: 7 held, main accused still absconding

The seven arrested will be produced in a designated CBI court to seek their remand, CBI sources said.

india Updated: Feb 23, 2006 11:41 IST

The CBI has arrested seven persons in Ahmedabad in connection with the IPO scam in IDFC and YES Bank, which resulted in an illegal gain of Rs 32 crore to certain individuals and entities.

The seven arrested will be produced in a designated CBI court to seek their remand, CBI sources said.

The CBI had conducted raids in Delhi, Mumbai and Ahmedabad 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.

Rupalben Panchal, the main accused, is still absconding.

First Published: Feb 23, 2006 11:41 IST