CBI court rejects Sebi DGM's bail plea

A special CBI court in Ahmedabad on Tuesday rejected the bail plea of tainted Securities and Exchange Board of India (Sebi) DGM Avarjeet Singh, prime accused in a bribery case, on the grounds that if let off, he could influence the probe in the case.

Judge K B Gujarathi hearing the case also rejected the bail plea of Singh's close aide Ashok Mehta and an accused in the same case. The court observed that CBI has prima facie made out a case against Singh and taking into consideration the status of the accused, there are chances that he might influence the investigation in the case.

Singh and Mehta had moved their respective bail application immediately after their arrest on June 1. Singh was last week sentenced to four day custody of CBI following Gujarat High Court orders.

The duo were arrested 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, who works with the Integrated Surveillance Department of SEBI, 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.