CVC reconstitutes advisory board to check commercial frauds

The new entrants are Radha Vinod Raju, former IPS officer and the then Director General of National Investigation Agency (NIA) and R Ramachandran, former Chairman and Managing Director of Andhra Bank.

Other members of the board include retired IAS officer Vivek Mehrotra, ex-Executive Director of Corporation Bank, Asit Pal and Chartered Accountant, T N Manoharan.

The members of the board are entitled to get an honorarium of Rs 30,000 per month in addition to travelling, halting and sitting fees. The CVC had in March announced formation of the six-member board.

"It has later been observed that two of the members i.E. Balwinder Singh, IPS (retd) and A S Bhattacharya, ex-CMD, Bank of Maharashtra of the reconstituted board were not fulfilling the terms and conditions of appointment as members," a CVC statement said.

The board will have a tenure of two years. It would form part of the organisational infrastructure of the CBI and the Reserve Bank of India, providing the required investigative and secretarial services.

"The Board's jurisdiction would be confined to those cases where, in disagreement or dispute with the Bank, Public Sector Undertakings or financial institution, the CBI desires to register a Regular Case or Preliminary Investigation in respect of an allegation of a fraud," an order said.

Besides, it may also advise on any other technical matter referred to it by the CBI or the CVC.

The board, under the chairmanship of former Deputy Governor of RBI Shyamala Gopinath, will be based in Mumbai but it can meet anywhere in the country at its convenience.

"Considering the limiting number of such disputes arising annually, the Commission does not, at the moment, find it appropriate to specify the levels above which the reference could be made to the Board," it said.

The CBI can refer any case to the Board where it has a difference of opinion with the organisation concerned, irrespective of the level of the officials involved in it.