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CBI Raids ex-UTI Chairman's House

The CBI has raided the residence of former UTI chairman P.S. Subramanyam on Friday along with the two executive directors of the institution.

The Central Bureau of Investigation raided residences of former UTI chairman P.S. Subramanyam and two former executive directors on July 20,Friday. The CBI also raided the premises of executive directors M M Kapoor and S K Basu, general manager Prema Madhuprasad and broker Rakesh Mehta of Renaissance Securities. The CBI is also raiding Renaissance Securities for the company's role in the UTI-cyberspace deal.

According to S M Khan, official CBI spokesperson, the raids began at 6 a.m and are still continuing at Subramanyam's house.

"We have information that the former UTI chief along with others conspired a private placement of Rs 320 million with Cyberspace Ltd," CBI sources said.

The sources said the raids, which commenced at six in the morning were being carried out simultaneously at both the offices and residences of the five persons.

The CBI will hold a news conference at 5:30 p.m in New Delhi.