CBI registers cases against ex MD of IFFCO, ex MD of IPL, raids 12 locations
New Delhi, May 19 (UNI) The Central Bureau of Investigation (CBI) has registered a case against the former Managing Director and CEO of Indian Farmers Fertilizer Co-operative Ltd (IFFCO) and former MD of Indian Potash Ltd (IPL) in connection with corruption and raided 12 locations in this regard.
The accused were charged with importing fertilisers and raw materials at highly inflated rates to claim higher subsidy from the government.
U S Awasthi, the MD & CEO, IFFCO and Pravinder Singh Gahlaut, MD, IPL conspired with a few private companies and their promoters to import fertilisers and raw materials through Kisan International Trading FZE in Dubai (a subsidiary of IFFCO) and other middlemen at highly inflated rates including the commission meant for Awasthi and Gehlot, CBI spokesperson R C Joshi said.
The investigative agency conducted searches at the office and residential premises of the accused in 12 locations including Delhi, Gurgaon and Mumbai and collected Rs 8,80,000 cash from Awasthi’s residence and a fixed deposit receipt of Rs 5,50,00,000, 14 bank accounts and documents of at least 19 immovable properties in the name of Gahlaut’s family members.
The case was registered by the CBI on complaints of the Ministry of Chemical and Fertiliser.
Investigation is on.