The Telegraph
Since 1st March, 1999
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CID set to shift back swindler

The Criminal Investigation Department (CID) on Monday initiated steps to bring back to Calcutta Sanjay Agarwal, accused of swindling crores from cooperative banks. The man behind the Home Trade scam is currently lodged in a Gujarat jail, facing trial in similar cases there.

Special inspector-general of police, CID, V.V. Thambi, said Agarwal has been accused of cheating Bhatpara cooperative bank and Boral cooperative bank of Rs 15 crore. His stock-broking portals, Home Trade and Gilt-Edge Securities, were behind the multi-crore gilt (government securities) scam that was busted early this year.

There are more than 20 cases pending against Agarwal in Maharashtra. “We have contacted the Gujarat and Maharashtra police to bring him to Calcutta for interrogation,’’ said Thambi.

Initial investigations revealed that Agarwal had “convinced” senior officers of the co-operative banks in Bhatpara and Boral to invest Rs 15 crore in government securities through Home Trade in February and March this year, Thambi added.

The CID said Agarwal took the money from the two cooperative banks but did not invest it in government securities. Sources said his links with some senior officers of the two banks is under the sleuth scanner. Why the two cooperative banks chose Home Trade over other similar companies to channel such large investments is one of the points being probed.

“The directors of boards of the two cooperative banks have been suspended and replaced with administrators,” said Thambi. “We have seized incriminating documents from these two banks and are coordinating with RBI officials to get to the bottom of the case.’’

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