CBI Raids Premises of Paytm Payments Bank’s Independent Director in Disproportionate Assets Case

GG News Bureau
New Delhi, 22nd Feb. The Central Bureau of Investigation (CBI) has initiated searches at the premises of Ramesh Abhishek, the former Department of Industrial Policy & Promotion (DIPP) secretary, in connection with a disproportionate assets case, according to sources familiar with the matter.

Abhishek, who also serves as an independent director of Paytm Payments Bank, faces allegations referred by the Lokpal.

Sources indicate that the FIR related to the case is expected to be disclosed by the CBI later today, as reported by Moneycontrol.

Abhishek, a 1982-batch IAS officer from the Bihar cadre, retired in 2019. During his tenure at DIPP, he played a pivotal role in shaping policies aimed at bolstering industrial growth and facilitating ease of doing business in India. His initiatives included spearheading flagship programs like Make in India, Startup India, and the liberalization of FDI norms to attract more investment into the country.

Following his retirement from the Indian Administrative Service (IAS), Abhishek assumed the role of an independent director at Paytm Payments Bank Ltd. Paytm Payments Bank operates as an affiliate of One97 Communications Ltd, the parent company of Paytm.

Independent directors, like Abhishek, play a critical role in offering oversight, guidance, and impartial judgment to a company’s management, ensuring operations align with the best interests of stakeholders and adhere to applicable laws and regulations.