Corporate spying: CBI arrests three

March 12, 2015 09:49 pm | Updated November 16, 2021 05:13 pm IST - NEW DELHI/MUMBAI

A chartered accountant and two government officials were arrested by the CBI on Thursday for the alleged theft and sale of policy papers.

Several firms under the scanner

The Central Bureau of Investigation has identified the three arrested for the alleged theft and sale of foreign investment policy papers to corporates as Ashok Kumar Singh, Under Secretary in the Department of Disinvestment and Grievances; Lala Ram Sharma, Section Officer in the Department of Economic Affairs; and Mumbai-based chartered accountant Khemchand Gandhi, who works as a consultant for corporate firms.

According to the CBI, several companies, including HDFC Bank, DLF Limitless Private Limited, IndusInd Bank, Glenmark Pharmaceuticals, Kakardi British Realty, Modril India, Prime Living and NovaLead Pharma are presently under the scanner.

However, the agency is yet to approach these companies to cross-check facts. Officials of Glenmark Pharmaceuticals, HDFC Bank and IndusInd Bank did not respond to queries. Some switched off their mobile phones to avoid answering calls. All these three entities are headquartered in Mumbai.

In a statement, DLF Limited strongly denied having any links with DLF Limitless. NovaLead Pharma is based in Pune and it has a global R&D centre there.

The CBI probe revealed that documents from the Finance and the Commerce ministries were allegedly being sold to the chartered accountant, who would in turn supply the policy papers to top private firms.

The accused have claimed that they had been operating for the past two years. Acting on a tip-off, the agency recently mounted surveillance on the officials, who would courier the papers allegedly to the chartered accountant for pecuniary gains.

On Thursday, CBI sleuths intercepted one such courier in Mumbai containing a file, following which the suspects were detained for questioning. They were arrested late in the evening.

Searches were conducted on the premises of the accused persons in Delhi and Mumbai. The CBI also searched offices of the Department of Economic Affairs and the Department of Industrial Policy and Promotion in Delhi. “We have seized a huge pile of documents and Rs. 60 lakh from the premises of the accused Chartered Accountant,” said a CBI official, adding that a case under various provisions of the IPC and the Prevention of Corruption Act has been registered.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.