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SEBI member quizzed by CBI in BoR case

A whole-time member of SEBI and a former Chief Vigilance Officer of the market regulator have been “examined” by CBI in connection with alleged weakening of a case against promoters of Bank of Rajasthan (BoR) which was being probed by the regulator.CBI sources said whole-time member Prashant Saran, who had been chief general manager at Reserve Bank of India (RBI) and former CVO R K Padmanabhan, a 1991-batch IPS officer from Maharashtra cadre, have been examined for their alleged role in the purported dilution of penalty from Rs 2000 crore to Rs 30 crore levied on the promoters of Bank of Rajasthan.

When asked for reaction, Saran did not respond to email sent to his official address. Padmanabhan refused to comment. CBI Joint Director R S Bhatti, an IPS officer of 1990 batch, who is in-charge of media relations in the agency, did not respond to repeated queries in this regard.

Despite the then CBI Director Ranjit Sinha’s clear direction to register a preliminary enquiry in the matter, it was held back at the Anti-Corruption Branch office, Mumbai, of the agency for over a week. Later, CBI headquarters handed over the matter to its Economic Offences Wing of Mumbai, which started the inquiry in the matter.

In October, CBI registered a preliminary enquiry into the alleged role of Sebi officials in the purported weakening of a case against promoters of Bank of Rajasthan (BoR), which was being probed by the regulator, and other suspected irregularities in the investigations.
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