SEBI official held for graft, sent to judicial custody
By IANSMonday, February 1, 2010
KOLKATA/NEW DELHI - An assistant general manager of the Securities and Exchange Board of India (SEBI) was arrested by the Central Bureau of Investigation (CBI) in Kolkata for demanding and accepting a bribe of Rs.25 lakh, officials said Monday.
R.P. Singh, AGM in SEBI’s Kolkata office, was arrested Sunday evening.
He was presented before the Special Judge at Alipore, Kolkata, who remanded him in judicial custody till Feb 12.
“Singh had asked a director of one Kolkata-based group of companies to furnish some documents and other particulars of the business being transacted by one of its companies as a corporate agent of Life Insurance Company. He then demanded Rs.25 lakh for not pursuing the matter,” a CBI spokesman said here.
Subsequently, cash of around Rs.28 lakh and other documents showing huge investments in movable and immovable property were recovered from Singh’s residence.
