CBI books private firm for allegedly cheating PEC, Commerce Ministry to the tune of Rs 531 crore | Latest News India - Hindustan Times
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CBI books private firm for allegedly cheating PEC, Commerce Ministry to the tune of Rs 531 crore

Press Trust of India, New Delhi | ByPress Trust of India
May 05, 2018 03:06 PM IST

The agency has booked Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd, their officials along with officials of PEC on charges including criminal conspiracy and corruption

The CBI has booked ex- chairman cum managing director of PEC, A K Mirchandani, and its several serving and former officials, along with two private companies, for allegedly cheating the PSU under the Commerce Ministry to the tune of Rs 531 crore, officials said on Saturday.

Logo of the Central Bureau of Investigation agency.(AFP File Photo)
Logo of the Central Bureau of Investigation agency.(AFP File Photo)

The agency has booked Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd, their officials along with officials of PEC on charges including criminal conspiracy and corruption, they said.

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PEC had entered into 15 agreements between 2010-12 with Pisces Exim Ltd for export of iron ore to a foreign buyer for which funds were released by it, they said.

In its complaint, PEC has claimed that Pisces Exim allegedly defaulted on its agreement, they said.

Not only it failed to supply iron ore, as required, but also failed to refund the amount paid to it by PEC, they said.

“Presently, a sum of Rs 531.72 crore (including the interest up to September 30, 2016) is due and payable to PEC along with interest till realisation. Importantly, the said monies due are public money,” the PEC has alleged in its complaint, now a part of the FIR.

The agency has booked 15 persons and companies in this connection.

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