In distinguished company: Bhansali along with Gopinath Munde and L K Advani.

Mumbai, May 30: Central Bureau of Investigation (CBI) director Joginder Singh has announced the formation of a committee comprising officials from CBI, Reserve Bank of India, Securities and Exchange Board of India (SEBI) and the Maharashtra police to coordinate in the investigation of the CRB collapse.

Singh told reporters on Friday that the income tax and enforcement directorate would also be roped into the committee, which would correlate evidence on various aspects of the scam. Singh said the decision to form the committee was taken after his meeting on Thursday with Maharashtra director general of police AS Samra. The information pooled would be used by each of the participating agencies.

The CRB group's liabilities include Rs 133 crore to banks, Rs 6 crore to Unit Trust of India (UTI), Rs 120 crore to the Gujarat government, Rs 100 crores to corporates (borrowed as inter-corporate deposits), Rs 229 crore through CRB Mutual Fund, Rs 186 crore to individual depositors and Rs 257.99 crore raised through public issue equities. Singh said the committee, headed by CBI deputy inspector general (banking frauds cell) Arup Patnaik, has been given a month to unravel the scandal.

Asked when arrests were expected in the backdrop of raids carried out on the residences of CRB group chairman CR Bhansali and former State Bank chairman MK Sinha, he said, "You have to give us time. I will not talk of arrests now."

On Bhansali's whereabouts, Singh said, "We are not sure where he is and will welcome any information that will pinpoint his hideout."

"If Bhansali has fled abroad, there are ways to get him back," he said.

Singh said he had already directed his deputy to take stock of the situation before seeking Interpol help. Singh said that there was no pressure from any minister on the CBI.

"I assure you honest, impartial and thorough investigation in all respects to a logical conclusion."

The CBI, he said, would file a special leave petition (SLP) in the Delhi high court on the multi-crore Jain hawala case. The petition would be filed against the recent judgments of the Delhi high court quashing charges against prominent political leaders against whom chargesheets had been filed. The court recently quashed charges against BJP leaders LK Advani and ML Khurana, Congress leaders Arjun Singh, ND Tiwari, Mahadvrao Scindia and RK Dhawan.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.