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Tainted SEBI DGM gets bail from Guj HC

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BS Reporter Mumbai/ Ahmedabad
Last Updated : Jan 24 2013 | 1:49 AM IST

Gujarat High Court on Monday granted conditional bail to tainted SEBI DGM Avarjeet Singh, prime accused in a bribery case.

Justice J C Upadhyaya hearing the case, granted bail to Singh on condition that he would not enter Mumbai or be in its vicinity till July 31. The court has also asked him to deposit a personal bond of Rs 25,000. The court also granted bail to Singh's close aide and one of the accused in the case Ashok Mehta. Singh has been directed to remain present at the office of the CBI's anti-corruption wing in Gandhinagar as and when called by the investigating officer for questioning. The duo had move the High Court after a special CBI court rejected their bail plea last week. Both Singh and 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, 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.

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First Published: Jun 26 2012 | 12:52 AM IST

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