MUMBAI, May 29: The Central Bureau of Investigation (CBI), which is investigating the multi-crore CRB Capital Markets scam, today raided the residential premises of CRB group chairman C R Bhansali, former State Bank of India (SBI) chairman M K Sinha and former SBI deputy general manager Vijay Gokhale and seized several incriminating documents.

The raids coincided with the arrival of CBI director Joginder Singh to the city to supervise the progress made by the agency in investigating the scam. The CBI director also met Reserve Bank of India Deputy Governor S P Talwar and chairman of the Securities and Exchange Board of India (SEBI) D R Mehta here. However, RBI governor C Rangarajan and other top RBI officials were away in Sikkim to attend the board meeting of the RBI.

According to CBI sources, incriminating documents showing investments by CRB in real estate to the tune of Rs 4 crore were recovered during raids conducted at the premises of M K Sinha, a former SBI chairman. Incidentally, Sinha was the designated chairman of the private bank promoted by the CRB group.

CBI sources added that some computers were also seized from Sinha's residence, and data was being retrieved and analysed. The CBI team was investigating the methods used by the high profile CRB chairman Bhansali, in defrauding the State Bank of India to the tune of Rs 58 crore. Gokhale was in charge of the SBI's Mumbai main branch which was allegedly defrauded by Bhansali.

Documents showing investments in various shares and fixed deposit receipts (FDRs) were recovered from the residence of the other SBI official V M Gokhale, and were being scrutinised. However, no arrests have been made so far, sources added.

SBI had filed an FIR with the CBI after the bank incurred a loss of Rs 58 crore in the CRB scam. CBI sources said Singh would disclose the details of the investigation into the multi-crore scam on Friday.

Both Sinha and Gokhale were not available for comment. RBI deputy governor Talwar also could not be contacted. However, sources confirmed that Singh had separate meetings with both the RBI deputy governor and the Sebi chariman during the day.

CBI sources seemed to be acting on the presumption that State Bank officials were hand in glove with Bhansali in defrauding the bank. ``Even the role of the bank chairman and its managing directors will be probed,'' CBI sources said. A clear picture is likely to emerge in the next two days.

Meanwhile, Maharashtra Deputy Chief Minister Gopinath Munde declared that the absconding Bhansali had floated over 100 companies in connivance with the employees of the Registrar of Companies (RoC). Munde met officials of RBI, Sebi, Registrar of Companies, Industrial Development Bank of India, National Stock Exchange and Bombay Stock Exchange during the day.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.