New Delhi, Feb. 23: A day after raids were carried out at 30 places in four cities in connection with the alleged scam in the maiden offers of IDFC and Yes Bank, the CBI today arrested seven people, while the main accused, Roopalben N. Panchal, remained elusive.

The CBI arrested Dipakbhai Panchal, Parag Xaveri, Deren Vohra and J.S. Wadia from Ahmedabad and took them to Mumbai on transit remand, sources in the investigating agency said.

Three others ? Purushottam Bhudwani, Manoj Deb and Dushyanth Dalal ? who were arrested in Mumbai were produced before a designated court in the city, which remanded them in CBI’s custody till March 1.

Deran Vora is the son of Hasmukhlal Vora, from whom the CBI recovered Rs 46 lakh cash during its search operations yesterday.

The searches at Delhi, Mumbai, Ahmedabad and Hyderabad were carried out after the CBI registered two cases in connection with the scam at a court in Mumbai against 21 people for allegedly cornering a large number of shares meant for retail investors in the IPO of IDFC and Yes Bank.

The case involves Roopalben Panchal, her brother-in-law Deepakbai and her sister Devangani and some unknown bank officials.