Securities and Exchange Board of India (Sebi) had in January this year ordered attachment of bank and demat accounts of one Dhaval Mehta to recover penalties imposed on him with respect to IPO fraud case of Suzlon and IDFC. Mehta had made unlawful gains in this fraud.
In an order today, the market regulator said that Mehta had paid an amount of Rs 2.48 crore "towards satisfaction of demand raised in the...Recovery certificates".
Sebi has been given direct powers by the parliament to freeze bank accounts, attach properties, conduct search and seizure and initiate recovery proceedings.
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