The Central Bureau of Investigation (CBI) is conducting searches at the premises of the former Department of Industrial Policy & Promotion (DIPP) secretary Ramesh Abhishek in a disproportionate assets case, people familiar with the development said. Abhishek is also an independent director of Paytm Payments Bank.
“Lokpal had referred a case of disproportionate assets against him. The FIR in the case is likely to be made public by the CBI later today,” one of the people above said Moneycontrol.
The 1982-batch IAS officer from the Bihar cadre retired in 2019.
During his tenure at DIPP, Abhishek played a crucial role in formulating policies aimed at promoting industrial growth and ease of doing business in India. He was instrumental in implementing initiatives such as Make in India, Startup India, and the liberalisation of foreign direct investment (FDI) norms to attract more investment into the country.
Abhishek joined Paytm Payments Bank Ltd as an independent director after retiring from the Indian Administrative Service (IAS).
Paytm Payments Bank is an affiliate of One97 Communications Ltd, the company that operates Paytm.
Independent directors play a crucial role in providing oversight, guidance, and independent judgment to the company's management, ensuring that it operates in the best interests of stakeholders while complying with applicable laws and regulations.
The Department of Industrial Policy & Promotion (DIPP) was later renamed as the Department for Promotion of Industry and Internal Trade (DPIIT).
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