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HC asks CBI to complete Verma probe in 3 months

The Delhi high court on Wednesday granted an extension of three months to the Central Bureau of Investigation to complete the probe into the alleged nexus between former Central Board of Excise and Custom chairman B P Verma and group companies of Sanjay Jain whose bank accounts were frozen by a lower court after Verma's arrest in March this year.

A Bench headed by Justice Manmohan Sarin also directed Jain's group companies to make a fixed deposit of Rs 200,000 in the name of high court registrar while allowing them to operate the frozen saving bank and current accounts.,

Jain had moved an application in the court seeking to defreeze the accounts, but CBI objected to the plea saying that it "expected some evidence (of the alleged nexus) to emerge" between the group companies and Verma during the investigation.

Verma, who is at present on bail, was arrested by the CBI on March 30 after registering cases of cheating and acquiring of assets disproportionate to his known sources of income. The agency had also arrested his son Sidharth Verma and Jain's group companies' professional director Mohan Gupta.

CBI counsel A K Dutt submitted that from the material available with the agency, it was of the view that the "ill gotten" money was routed by Verma through these accounts. But the matter needed to be probed further, he said.

However, companies' counsel P P Malhotra said there was no nexus between Verma and his client.

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