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CBI today carried out searches at 15 locations, including the residence of National Spot Exchange Limited promoter Jignesh Shah for alleged cheating in the investments of public sector undertaking PEC causing a loss of Rs 120 crore to the exchquer, and questioned him.
Shah was taken to the CBI office in Mumbai where he was grilled by the officers with regards to the case till late this evening, CBI sources said.
Shah was named by CBI in its FIR along with former CEO of National Spot Exchange Limited (NSEL) Anjani Sinha, officials of PEC including Chief General Manager Rajiv Chaturvedi and a number of companies as accused in the case of alleged cheating, forgery and corruption, highly placed sources said.
CBI Director Ranjit Sinha said while the focus of Mumbai Economic Wing probe is to look into investors' complaint, the agency is looking into the loss caused to PEC, a public sector undertaking, as a result of the conspiracy.
CBI spokesperson said the case has been registered on the allegations that the accused persons during the year from 2007 to 2013 were party to a criminal conspiracy to cheat PEC Ltd "...in the matter of floating accommodative and fraudulent paired contracts for trading of agro commodities on the platform of Mumbai-based company without actually undertaking any genuine trade," spokesperson Kanchan Prasad said.
After registering the case, a CBI team carried out searches at 15 locations including the residential premises of Shah and Sinha and officials of PEC, NSEL and six counter-parties involved in the alleged crime.
Without giving out details of the FIR, Prasad said the searched locations included residential premises of five PEC officials, two of NSEL officials and one of private persons, seven offices of NSEL and six offices of counterpart in PEC transactions.