CVC to rejig advisory board to assist CBI on financial frauds

NEW DELHI, June 26:
The Central Vigilance Commission has launched a manhunt to reconstitute its advisory board to help the CBI in probing cases related to commercial and financial frauds.
Officials said a vacancy in the six-member board has been necessitated due to the death of Radha Vinod Raju, a former IPS officer, earlier last week.
“The board plays a crucial role in assisting the CBI to probe various fraud cases. We are looking for an appropriate person to be included in it. The CVC will soon constitute the board”, an official said.
62-year-old Raju had died at a private hospital in Kochi on June 21.
Raju, the then Director General of National Investigation Agency (NIA), and R Ramachandran, former Chairman and Managing Director of Andhra Bank, were last month inducted into the board on checking bank, commercial and financial frauds.
The panel was reconstituted last month after the probity watchdog found that two of the members – Balwinder Singh, IPS (retd) and A S Bhattacharya, ex-CMD of Bank of Maharashtra – were not fulfilling the terms and conditions of appointment as members.
It will be the third time this year since the board is being rejigged as the CVC had in March reconstituted it.
The board is headed by Shyamala Gopinath, former Deputy Governor of Reserve Bank of India. It has Vivek Mehrotra, retired IAS officer, Asit Pal, ex-Executive Director of Corporation Bank and T N Manoharan, Chartered Accountant as members.
The members of the board are entitled to get an honorarium of Rs 30,000 per month in addition to travelling, halting and sitting fees.
The board will have a tenure of two years. It would form part of the organisational infrastructure of the CBI and the RBI, providing the required investigative and secretarial services, the official said.
Its jurisdiction would be confined to those cases where, in disagreement or dispute with the Bank, Public Sector Undertakings or financial institution, the CBI desires to register a Regular Case or Preliminary Investigation in respect of an allegation of a fraud.
Besides, it may also advise on any other technical matter referred to it by the CBI or the CVC.
The board will be based in Mumbai but can meet anywhere in the country at its convenience.
The CBI can refer any case to the board where it has a difference of opinion with the organisation concerned, irrespective of the level of the officials involved in it. (PTI)