The Hindu Business Line : IT raids on Roopal Panchal's premises

INCOME-TAX authorities have raided different premises of Ms Roopal Panchal and her associates, the key accused in the recent Initial Public Offering (IPO) allotment scam. "We have raided the premises (of Roopal Panchal) today. We are looking for any evidence of unaccounted income. We hope to have a clear picture by Monday," the Director (Investigations) of Income-Tax, Gujarat Circle, Mr D.S. Rastogi, told Business Line on Friday.

Ms Panchal and her associate, Mr Deepak Panchal, are the prime accused in the scam unearthed by the Securities and Exchange Board of India (SEBI) recently. According to the SEBI investigation, the Panchals had manipulated the IPOs of YES Bank and IDFC Ltd by applying for shares under the retail segment using fake demat accounts. That enabled them to garner a proportionately higher allotment of shares, which were subsequently transferred, through off-market deals, to the accounts of the individuals who allegedly funded the Panchals.

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IT raids on Roopal Panchal's premises