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Tainted CSE brokers likely to seek anticipatory bail

With six leading brokers already in the net, the Kolkata police have stepped up efforts to arrest three other prime suspects in the Rs 120 crore (Rs 1.2 billion) payment crisis at the Calcutta Stock Exchange in March 2001, which led to a nationwide crash of bourses.

Detective Department sleuths of the city police were raiding different areas for the other tainted CSE brokers who managed to evade arrest on Wednesday amidst indications that the absconding brokers might seek anticipatory bail.

The police, who are acting on an first information report filed by the CSE on September 9, were now looking for Dinesh K Singhania, Ashoke Poddar and his wife Prema.

Deputy Commissioner of Police Soumen Mitra said on Friday: "We have already arrested six brokers, and are on the pursuit of others. We will have to probe the scam in detail."

Raids were on and banks have been informed to freeze the accounts of those named in the FIR, he said.

The Kolkata Police during night-long raids arrested six leading brokers on Wednesday for their alleged role in the paymenhe CSE one and half years ago. All of them have been remanded to police custody till October 4.

The brokers have been charged with violating CSE conditions of payment as well as indulging in circular trading, embezzlement of funds and duping the public to the tune of Rs 120 crore (Rs 1.2 billion).

The full-scale investigation by Kolkata police came after several inquiries conducted by the Joint Parliamentary Committee and Securities and Exchange Board of India.

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