CP violating SUSY effects in Penguin dominated modes B -> PHI K and B -> PHI K*

Recent measurement of time dependent asymmetries in $B \to \phi K$ are indicative of a new source of CP violation. We examine squark mixing in SUSY as this new source, and using QCD improved factorization method to describe $B \to \phi K $ decay, find the allowed range of parameter space for $\rho$ and $\psi $, the magnitude and phase of the down type LR(RL) squark mixing parameter $\delta^{bs}_{LR(RL)}$. We then study $B \to \phi K^{*}$ and calculate the expected CP asymmetries in the same range of parameter space. We find that this asymmetry is in the range 15% to $20% $ for acceptable value of $B \to phi K^{*}$ branching ratio. We also predict the helicity dependent CP asymmetries in the same parameter space.