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April 2, 2001
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Money > Business Headlines > Report April 2, 2001 |
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CBI searches homes of Madhavpura brassBS Regional Bureau The Central Bureau of Investigation (CBI) carried out search operations at the residential premises of Madhavpura Mercantile Cooperative Bank (MMCB) chairman Ramesh N Parikh and managing director Devendraprasad B Pandya here on Saturday. CBI also searched the business premises of three Madhur Group companies, Madhur Shares & Stocks Ltd, Madhur Food Products Ltd and Madhur Capital Finance Ltd, which are promoted by Parikh and his son Vinit. Before the search operations began on Saturday at around 11.00 am, Parikh and Pandya were reported to have gone underground. While Parikh is said to have been absconding since Thursday, Pandya disappeared in the wee hours of Saturday morning, after he learnt that CBI had cracked down the business premises of Madhur Group of companies on Friday night at 11.30 pm and sealed them. Though CBI is learnt to have seized many documents in the search operations on Saturday, sources say the agency is unlikely to find anything incriminating. As the CBI raids took place late, the culprits got enough time to shift or destroy significant documents. The CBI reportedly attributed the delay on its part to the distressing pace of the Reserve Bank of India's investigations.
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