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CBI custody for accused in seamen's PF scam

A K Ghond, former commissioner of Seamen's Provident Fund Organisation, arrested in the Rs 928 million provident fund scam, was on Friday further remanded to CBI custody till May 24 by a special court.

He was arrested on May 11 on the charge of diverting Seamen's PF to broking firms Home Trade Ltd and Giltedge for investments in government securities and Maharashtra Krishna Valley Development Corporation. A court had remanded him to custody till May 17.

The securities and fraud cell of the Central Bureau of Investigation had on May 11 carried out a raid at Ghond's Andheri (Mumbai) residence which revealed that he had five flats in his name as well as around Rs 1.5 million in his bank accounts.

According to CBI sources, the money credited in Ghond's accounts has been shown as gifts from his father-in-law and wife in the form of cheques ranging from Rs 50,000 to Rs 80,000.

A case had been registered against Ghond and broker Ketan Seth following a complaint lodged by Director General of Shipping D T Joseph.

Ketan Sheth of Giltedge Securities is the other accused in the scam. He too is in CBI custody.

According to CBI sources, Sanjay Agarwal, CEO of Home Trade, a key figure in the gilt scam of Nagpur District Central Cooperative Bank, who is presently under Maharashtra police custody, is also likely to be questioned next week as he is the third accused registered in the FIR.

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