Over Rs1 crore found in bank lockers of Sebi official

The CBI has stumbled upon a cash haul of over Rs1.29 crore from the bank lockers of an assistant general manager of market regular Sebi who was arrested recently for allegedly accepting a bribe of Rs 25 lakh.

The accused official RP Singh, an AGM of the Securities and Exchange Board of India (Sebi) in Kolkata, was arrested by CBI's anti-corruption wing on January 27 this year.

The CBI recovered Rs24 lakh from one locker, Rs26 lakh from another locker and Rs79 lakh from a third bank locker besides jewellery worth Rs12 lakh, it claimed here today. The agency claimed to have recovered Rs28 lakh from Singh's residence on the day he was arrested by the CBI.

It is alleged in the complaint that the Sebi officer asked the Director of a Kolkata-based group of companies to furnish some documents and other particulars of the business being transacted by one of its companies as a corporate agent of LIC and GIC.

"He demanded a bribe of Rs25 lakh from the complainant for not pursuing the matter. The CBI laid a trap and the AGM was caught while accepting a bribe of Rs25 lakh from the complainant," a CBI spokesperson had said earlier.

During subsequent searches at the residence of the officer, the CBI said, Rs28 lakh in cash and documents showing huge investments in movable and immovable property were recovered.