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NEW DELHI: Three top brokers of the country have come under the scanner of multiple regulatory and enforcement agencies, including for suspected money laundering and fraudulent trading activities amounting to several thousands of crores of rupees, senior officials said on Sunday.
The officials also said that the three brokers, whom they refused to identify citing the ongoing nature of the investigations, have also been found to have been connected to politically exposed persons (PEPs) and the role of a key family member of a senior political leader in a key industrial state is also being investigated.
The investigations have been under way for 4-5 years on multiple fronts against the three top brokers.
They head organisationswith businesses spread across multiple segments of the capital markets and the financial services sector including brokerage, investment advisory services, portfolio management, asset management fund and non-banking financial services.
The agencies and regulators involved in the investigations so far include Sebi, the RBI and the ED. These three have now made references for bringing in the CBI into the picture due to the suspected involvement of PEPs, the officials said.
The investigations have involved scrutiny of multi-layered financial and banking transactions.
The officials also said that the three brokers, whom they refused to identify citing the ongoing nature of the investigations, have also been found to have been connected to politically exposed persons (PEPs) and the role of a key family member of a senior political leader in a key industrial state is also being investigated.
The investigations have been under way for 4-5 years on multiple fronts against the three top brokers.
They head organisationswith businesses spread across multiple segments of the capital markets and the financial services sector including brokerage, investment advisory services, portfolio management, asset management fund and non-banking financial services.
The agencies and regulators involved in the investigations so far include Sebi, the RBI and the ED. These three have now made references for bringing in the CBI into the picture due to the suspected involvement of PEPs, the officials said.
The investigations have involved scrutiny of multi-layered financial and banking transactions.
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