The Central Bureau of Investigation conducted search operations at various places in Delhi, Kolkata and Mumbai in connection with the fraudulent issue of shares by Padmani Technology Ltd to SBI Mutual Fund and Unit Trust of India.

The transaction was done through various brokers, including Ketan Parekh -- key accused in the 2001 stock scam that resulted in loss of over Rs 62 crore (Rs 620 million) for SBI MF.

The searches, conducted at 11 premises in Kolkata, five premises in Mumbai and 12 in Delhi, included the residences and offices of Parekh, managing director of Padmani Technology, Vivek Nagpal, and the then managing director of SBI Mutual Fund, Niyamatullah, the CBI officials said.

The investigating agency had registered a case against the company on September 27. The CBI had made a preliminary enquiry into the alleged involvement of Parekh, some executives of the UTI and SBI mutual funds and former UTI chairman PS Subramaniam.

The CBI alleged that Padmani Technology shares were sold to SBI Mutual fund and UTI in off-market trading.

Its listing in exchanges as per the as per the Securities and Exchange Board of India guidelines was also done by submitting forged documents. Sources said several incriminating documents had been seized in the raid.

In Mumbai, searches were conducted at the offices and residence of Parekh and Niyamatullah, while Shonkh Technology's office in Delhi was also searched.

CBI officials, however, refused to divulge the names of former UTI executives whose premises were searched.