Begin typing your search above and press return to search.
Womens Day: Building a digitally equal world
access_time 8 March 2023 4:38 AM GMT
Women must arise now and embrace equity
access_time 7 March 2023 10:52 AM GMT
The criminal case against Vladimir Putin
access_time 27 Feb 2023 9:46 AM GMT
Censorship that stifles free speech
access_time 24 Feb 2023 7:02 AM GMT
Homechevron_rightKeralachevron_rightGypsum contract...

Gypsum contract corruption case: CBI raids residences of top FACT officials

Gypsum contract corruption case: CBI raids residences of top FACT officials

Kochi: The Anti-Corruption Branch of CBI Saturday conducted raids at 18 places, including residences of FACT Chairman and Managing Director Jaiveer Shrivastava and other top company officials in connection with the gypsum contract corruption case.

CBI officials said the raids were carried out after registering a case against the officials.

Besides Shrivastava, the others were Joint General Manager (Marketing) I S Ambika, Deputy General Manager (Corporate Finance) Sreenath Kamath, Chief Sales Manager (Caprolactum) Daniel Madhukar and Deputy Chief Sales Manager (Marketing Operations) Panchanan Poddar.

CBI also registered cases against businessmen, including Santosh Shetty, proprietor, NSS Trade India Pvt Ltd., Mumbai and Mukund Maheswari, Managing Director, Nagarjuna Agro Chemicals Pvt, Ltd, Hyderabad.

An FIR in the case was filed two weeks ago before the Court of the Special Judge - II, CBI, Ernakulam, the officials said.

The FIR said the accused had entered into a criminal conspiracy in 2015 and awarded a contract for sale of 3.5 lakh tons of gypsum to NSS Trade for three years at Rs 130 per ton.

The rate was much lesser than the price fixed for the requirement category of 1.2 lakh tons per year under the prevailing slab system of pricing of FACT and caused a loss of Rs 1,31,10,825 to FACT and corresponding gain for themselves, CBI said.

The agency said searches are being carried out at various places, including Kochi, Mumbai, New Delhi, West Bengal, Hyderabad, Coimbatore in connection with the case.

Show Full Article
Next Story