Millennium Post

PE against Bhave, Abraham based on credible info, says CBI Director

‘The PE was registered on the basis of credible information,’ Sinha told reporters here. He said that the result would be known after probe is over. ‘We have just registered the PE... Can't tell you what the results would be,’ he said on the sidelines of a CII function here.

The CBI's PE was registered on March 13 in connection with alleged irregularities in granting sanction to MCX-SX by the Securities and Exchange Board of India (Sebi) in 2008 and renewing recognition in 2009 and 2010.  The CBI probe is to ascertain how MCX-SX was granted permission despite opposition by Sebi when Bhave was its head. The CBI's inquiry has also named Jignesh Shah-led Financial Technologies India Ltd (FTIL) and its commodity exchange arm MCX.

The CBI had come under attack from former and present bureaucrats for registering the PE against Bhave and Abraham. ‘All retired and serving bureaucrats are annoyed and disturbed over the CBI's latest action against Bhave and Abraham who had general public reputation of being very sincere, upright and of high integrity. It is unfortunate to see how honest and sincere officers are being hounded in a vicious manner,’ said IAS Officers' Association Secretary Sanjay Bhoosreddy.

There are 4,737 IAS officers working across the country. Bhave, a former IAS officer, has said that the CBI is working with ‘crazy logic’.  ‘I have no idea and there is no way of knowing unless they (CBI) share something with us. Whatever I know is from newspaper reports. They have not shared anything with us and have not contacted us yet.’

Abraham, a 1982 batch IAS officer, is now an Additional Chief Secretary in Kerala. Bhave was Sebi Chairman between February 19, 2008 and February 17, 2011. Abraham had served as a full-time member of SEBI between July 21, 2008 and July 20, 2011.

Abraham had in 2011 also written to Prime Minister Manmohan Singh alleging that certain corporates and Finance Ministry officials were exploiting the ‘vulnerability’ of the market regulator which was investigating crucial cases involving prominent business houses.

His charges were, however, rejected by the Finance Ministry. Former bureaucrats, including Ex-CAG Vinod Rai and Ex-CVC N Vittal, too have criticised the CBI's action against Bhave and Abraham.
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