Suspended IAS officer Arvind Joshi, who belongs to the Madhya Pradesh cadre, had invested about Rs 300 crores in shares in different companies, according to a SEBI report received by the income-tax department here. The official residence of Mr Joshi and his IAS wife Tinoo Joshi in the state capital was raided by the income-tax
department earlier this year leading to the seizure of Rs 3 crores in cash and documents showing huge investments. Both were subsequently suspended by the state government.
The income tax department is presently investigating the assets of Mr Josh’s wife. According to sources here, the SEBI report gives extensive details of the DMAT account of Mr Joshi. It is learnt that he started investing through the Standard Chartered-STCI Capital Markets Limited from April 3, 2007 onwards and on a single day on June 1, 2007 he had invested in shares of 11 big companies. All the shares purchased (10,000 to 50, 000 shares in each company) are in Mr Joshi’s own name.
Mr Joshi was the acquisition manager as joint secretary ministry of defence from 1999 to 2001 and was later the joint secretary (G/Air) in the ministry of defence till he returned to the parent cadre in 2004. Subsequently for many years, he was the state principal secretary water resources and remained a favourite of those he worked with.
Ms Joshi was holding the post of principal secretary women and child care department when her house was raided. Earlier she was deputy secretary in the Prime Minister’s Office between 1988 and 1990. She was later posted as development commissioner handicrafts, ministry of textiles, government of India (2004-07) and member secretary of All India Handicrafts Board.
She was also secretary general Federation of Indian Export Organisations. It is the apex export promotion body set up by the ministry of commerce, government of India.