Latest Breaking News India

Rs 56-Cr Fraud By Company In Odisha’s Sundargarh: CBI Conducts Raids At 11 Places In Country

New Delhi: The CBI on Friday carried out raids at 11 places across the country in connection with alleged fraud of Rs 56.89 crore of public money by the former chairman-cum-managing director and officials of Sundargarh-based PEC Ltd.

The CBI has registered a case against the former CMD, two directors and other officials of the PEC Ltd. It was alleged that the accused had entered into a conspiracy and defrauded to usurp the public money to the tune of Rs 56,89,52,416 in financing procurement of iron ore and coal to the private company based at Sundargarh and thereby causing loss to the PEC Limited, New Delhi.

The raids were conducted on the office and residential premises of the accused at 11 places including in New Delhi, Thane in Maharashtra), Guwahati and Ghaziabad in Uttar Pradesh which led to recovery of incriminating documents/articles.

Further investigation is going on.