The sessions court last week began the trial by issuing the process order and then released all the 25 accused present in court on bail. The case will be heard on June 20.
The chargesheet against all the 25 accused, including bank employees, were framed on September 29 last year.
All the accused were charged of committing fraud in the initial public offering of the shares of IDFC, which was open for subscription from July 15-July 22 in 2002.
The accused have been booked
for conspiracy, cheating and tampering with official documents. The prime accused Dipak Panchal, put out 27,522 IP applications in fictitious names from which he earned a profit over 80 crores.
The deputy manager and manager of operations, along with four sub brokers of Karvy Stock Broking Ltd and the branch managers of Bharat Overseas Bank and the Indian Overseas bank, are also involved in this scam.
The Central Bureau of Investigation had registered a case against Panchal and the rest of the accused on the basis of a written complaint filed by R Ravichandran, chief general manager of the Securities and Exchange Board of India.
