The bank securities and fraud cell (BSFC) of the Central Bureau of Investigation (CBI) probing the Rs 100 crore seamen's provident fund scam is scrutinising certain "friendly" payments made out to three brokers by Home Trade to ascertain whether these brokers were deliberately booking losses or actually holding funds for Ketan Sheth and Sanjay Aggarwal of Home Trade.
A CBI official said: "We have also written to the Public Debt Office of the Reserve Bank of India as well as the Securities and Exchange Board of India (Sebi) this week, enquiring how the transfer forms remain blank in respect of around Rs 14 crore worth of government securities that reflect the names of four public sector undertakings (PSUs) as the registered holders. The transfer forms of these securities do not reflect the names of the buyers or even the dates on which sale transactions were effected. We have also sought to know how after the expiry of the validity of the transfer, the interest payments were made out in these transactions."
An amount of Rs 92.78 crore from the seamen's provident fund were diverted towards the purchase of government securities without the physical delivery of the same being received. Similarly, interest payments of around Rs 7 crore was also disbursed.
While it is a common practice to leave the transfer forms blank with regard to the names of the subsequent buyers of securities, in respect of government securities this is not permitted, the CBI official said.
The CBI is also scrutinising certain payments made out by Home Trade to three brokers to find out whether these were accommodating transactions by these brokers to buffer the loss suffered by Sheth and Aggarwal in their equity transactions or these brokers were merely holding the funds for the duo.
