IPO scam - CBI conducts raids at 21 places

The Central Bureau of Investigation (CBI) today conducted searches at 21 places of officials and brokers in three cities, including New Delhi, in connection with the initial public offering (IPO) scam in Infrastructure Development Finance Corporation (IDFC) and Yes Bank, which resulted in a loss of Rs 32 crore to the exchequer.

The searches follow after the case was registered by the bank fraud and securities cell (BF&SC) of the CBI following a complaint by Sebi, CBI sources said today.