PTI 
 
NEW DELHI, Feb 23: Days after Union Finance Minister P Chidambaram spoke of strict action, the Central Bureau of Investigations on Wednesday conducted searches in 21 places in three cities in connection with the
IPO scam in IDFC and YES Bank.
    
The searches came after the CBI's bank security and fraud cell registered two cases against some officials of the Bharat Overseas Bank and Vijaya Bank and some people for cornering shares, which resulted in "illegal gains" of Rs 32 crore to some people.
    
The searches were being conducted at 15 places in Ahmedabad, five places in Mumbai and one place in Delhi, against people, bank managers and lead managers.
    
Two cases were registered against Roopalben Nareshbhai Panchal, Deepak Panchal, directors of Sugandh Estates and Investments Pvt Ltd, officials of Bharat Overseas Bank and Vijaya Bank.
    
The CBI alleged that these people connived and cornered shares of the IDFC and Yes Bank worth Rs 32 crore illegally.
    
Chidambaram last week in the Lok Sabha had promised action against those allegedly involved in a scam relating to the issue of IPO shares by the Yes Bank and the IDFC.
    
All agencies of the government including RBI, SEBI and CBDT have been activated and "severest action" will be taken against the accused, he had said, adding that while interim action has been taken and responsibilities fixed against the accused, there would be more action in the coming days.