CBI raids premises of former DIPP secy Ramesh Abhishek in disproportionate assets case

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at the premises of the former Department of Industrial Policy & Promotion (DIPP) secretary Ramesh Abhishek in a disproportionate assets case, sources told Business Today. Abhishek is an independent director of Paytm Payments Bank and said to have pushed for Paytm’s parent company, One 97 Communications' IPO as secretary DPIIT with the Securities and Exchange Board of India.

An FIR case is expected to be made public later today.

Abhishek is a 1982-batch IAS officer from the Bihar cadre. He retired in 2019. Abhishek joined Paytm Payments Bank Ltd as an independent director after retiring from the Indian Administrative Service (IAS). Lokpal had referred a case of disproportionate assets against him. 

Last month, the RBI disallowed the Paytm subsidiary from accepting further deposits, top-ups or credit transactions into its operated wallet or accounts from February 29. Later, the central bank extended the deadline for Paytm Payments Bank services to March 15 for the conveyance of its customers. It said the customers can make deposits, credit transactions, prepaid services, wallets, FASTags, National Common Mobility Cards till March 15, 2024.