CVC reconstitutes advisory board to check commercial frauds

New Delhi, May 27, 2012 : The Central Vigilance Commission
has reconstituted an advisory board with the inclusion of two
new members to assist the CBI in probing cases related to
bank, commercial and financial frauds.
The new entrants are Radha Vinod Raju, former IPS officer
and the then Director General of National Investigation Agency
(NIA) and R Ramachandran, former Chairman and Managing
Director of Andhra Bank.
Other members of the board include retired IAS officer
Vivek Mehrotra, ex-Executive Director of Corporation Bank,
Asit Pal and Chartered Accountant, T N Manoharan.
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 CVC had in March announced
formation of the six-member board.
"It has later been observed that two of the members i.e.
Balwinder Singh, IPS (retd) and A S Bhattacharya, ex-CMD, Bank
of Maharashtra of the reconstituted board were not fulfilling
the terms and conditions of appointment as members," a CVC
statement said.
The board will have a tenure of two years. It would form
part of the organisational infrastructure of the CBI and the
Reserve Bank of India, providing the required investigative
and secretarial services.
"The Board's 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," an order said.
Besides, it may also advise on any other technical matter
referred to it by the CBI or the CVC.
The board, under the chairmanship of former Deputy
Governor of RBI Shyamala Gopinath, will be based in Mumbai but
it can meet anywhere in the country at its convenience.
"Considering the limiting number of such disputes arising
annually, the Commission does not, at the moment, find it
appropriate to specify the levels above which the reference
could be made to the Board," it said.
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.