How's this for a clue: Of all the profitable avenues of investments, he was shot inaugurating at least three films -- one in Jaipur and two in Mumbai. That was of course, just before he was forced to flee from the scene early this month.

One of the leading Marwari film makers too was said to be associated with Bhansali. The CRB chief's detractors (there is no shortage of them these days) suggest that investors' funds probably financed some of the big Bollywood movies they themselves flocked to see over the last year. If he did at all invest in the movies, CRB would have at least earned better returns than he did from the dud stocks he bought.

If there is a scam going, say the finance ministry mandarins, the idea is to cash in on it in the pin the blame exercise that invariably follows.

The latest victim is a senior Securities & Exchange Board of India official. Did he visit Chain Roop Bhansali's residence in 1992 as a personal guest? If he did, it would help pin the blame for the current CRB crisis on him, so a quiet sneak hunt is on through the guest lists of Bhansali.

Meanwhile, this may serve as a wake-up call to all functionaries who ever visited Bhansali's residence. Such a probe may also mean disaster for dinner party lists of NBFC chairmen which included top bureaucrats . The last thing the officials would want is to have a good dinner now and be penalised when there is a run on the NBFC's fixed deposits.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.