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Police form core team to probe ICICI complaint

By BS Reporter in Mumbai
October 14, 2008 10:11 IST
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The Mumbai police on Monday formed a special team to look into a complaint filed by ICICI Bank that a cartel led by some high profile stock brokers are trying to manipulate the bank's stock.

The stock was heavily battered last week and fell nearly 20 per cent on a single trading day on Friday.  It rebounded today by as much as 17 per cent.

Mumbai's joint commissioner of police (crime) Rakesh Maria told reporters that the police has received a 22-page complaint from the bank but no specific names have been mentioned. The bank has sighted certain text messages which were circulated with an intention to malign ICIC's reputation, he said.

In its complaint, ICICI Bank has named a Tirupur-based sub-broker associated with Mumbai-based brokerage firm Motilal Oswal Financial Services and a group SMS-sending website behind the fall in the stock.

Motilal Oswal, managing director, Motilal Oswal Financial Services, said "I wish ICICI Bank had at least informed us before registering a complaint." 

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BS Reporter in Mumbai
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