Wednesday, February 22 2006 11:38 Hrs (IST) - World Time -

New Delhi: CBI today (22 Feb 2006) conducted searches at 21 places of officials and brokers in three cities, including the national capital region, in connection with the Initial Public Offering (IPO) scam in Infrastructure Development Finance Corporation (IDFC) and YES bank which resulted in loss of Rs 32 crore to the exchequer.

The searches follow after the case was registered by the Bank Fraud and Securities Cell (BF&SC) of the CBI following a complaint by the Security and Exchange Board of India (SEBI), CBI sources said here today.

The searches were being conducted at 15 places in Ahmedabad, 5 places in Mumbai and 1 place in Delhi against certain individuals, bank managers and lead managers.