A unique modus operandi was used to subscribe to the IDFC and Yes Bank IPO in which an accused came out with an advertisement in local dailies asking people to click a photograph and get two copies free of cost.The advertisment, put out by Roopalben Nareshbhai Panchal - one of the main accused in the IPO scam in IDFC and Yes Bank - saw a large number of people gathering to avail of the service. The least they knew was what the photographs would be used for.According to the CBI, the accused used to click photographs and keep one copy for opening fictitious bank and d-mat accounts.There were 6,315 fictitious d-mat accounts opened for subscribing to Yes Bank shares out of which 6,221 had the same address - "402-403, Shashwat Building, Opposite Gujarat College, Ahmedabad".In the case of IDFC, there were 27,064 fake bank accounts out of which 4,990 had the address of 406 Shashwat building, 4,971 had a common address of 403 Shashwat building and 4,946 had a similar address of 307 Shashwat building.The modus operandi of Panchal was to obtain photographs of a large number of people, and open fictitious bank and d-mat accounts with these snaps and fictitious names.Once the allotment was made, the shares were transferred to Panchal's account who, in turn, passed them on to financers.The financers then offloaded the shares on the opening day of the listing and made illegal gains as the listing price was higher than the allotment price.
