The Central Bureau of Investigation (CBI) on Thursday got four day custody of tainted SEBI DGM Avarjeet Singh, who is accused in a bribery case, following Gujarat High court order.
Justice R H Shukla of who was hearing a petition filed by the central agency also set aside a lower court order denying further custody of Singh. The lower court had earlier this month rejected CBI's plea seeking further custody of Singh after his initial remand of three days got over.
The CBI had then approached the High Court seeking further 12 day custody of Singh on the grounds that the high-rank officer of the Securities and Exchange Board of India (SEBI) was part of a larger nexus involved in illegal activities. The CBI had further said that they wanted to take Singh to Delhi and interrogate him with regard to others involved with him.
Singh and his close aide Ashok Mehta were arrested from Delhi and Ahmedabad respectively on June 1, following an operations by the anti-corruption wing of the CBI here. This arrest was based on complaint against the officer by an Ahmedabad-based trader who was barred from trading by the SEBI in September 2011 for alleged market manipulation using Global Depository Receipts (GDR).
Singh, who works with the Integrated Surveillance Department of SEBI, was investigating the case. According to CBI, during the course of investigation Singh made a demand of Rs 25 lakh through middle-man Mehta from the trader to get order in his favour.
But, the trader lodged a complaint with the anti-corruption wing of the CBI, who then set up a trap and caught Mehta red-handed demanding and accepting Rs 10 lakh as first installment of payment, on behalf of Singh from Ahmedabad early this month.