The president of a bank based in Dubai has resigned and his licence has been revoked by a financial regulator in the emirate after he became embroiled in a stock trading scandal in India.
Arun Panchariya, the president and a board member of Euram Bank Asia, a bank based in the Dubai International Financial Centre (DIFC), has resigned.
He stepped down after being named in a high-level investigation by the Securities and Exchange Board of India (Sebi) into an "elaborate scheme to manipulate markets" run by banks, brokerages and funds over two years.
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