Two from city among five arrested by CBI for cheating RLDA of Rs 31.50 crore | mumbai news | spcilvly

The Central Bureau of Investigation (CBI) recently arrested five persons, including two from Mumbai, as part of its probe in a case in which the Rail Land Development Authority (RLDA) was defrauded. $31.50 crores.

HT Image
HT Image

The agency also carried out searches at 12 places in Mumbai, Goa, Delhi and Himachal Pradesh and seized documents whose evidentiary value is being assessed, CBI sources said.

RLDA, a statutory body under the Ministry of Railways, filed a complaint last October alleging that it had invested $35 crores in fixed deposit for a year in Bank of Baroda, Delhi, and the maturity proceeds were supposed to be reinvested for three months. However, the bank supposedly only invested $3.50 crores and the rest $Rs 31.5 crore was allegedly diverted to shell companies located in Mumbai, a source said. “Only the amount of the maturity of $3.50 crore was reinvested over three months.”

The complaint alleged that the crime was executed by bank officials in connivance with RLDA officials, public servants and private individuals based in Mumbai, Delhi and other places.

“The bottom of $31.50 crore was entrusted to the bank for investment purposes. However, he was embezzled using forged letters/notices that were purportedly issued by RLDA,” the source said.

Some shell companies in Mumbai are under the agency’s scanner, sources said.

On October 4, 2022, the CBI registered a case under section 120B (criminal conspiracy), 420 (cheating), 468 (forgery for the purpose of cheating) and 471 (using as genuine a forged document) of the Code Indian Penal Code and section 13(2) read with 13(1)(a) (criminal misconduct by unknown public servants) of the Prevention of Corruption Act.

The agency arrested Mumbai-based Hitesh Karelia and Nilesh Bhatt, former RLDA manager Vivek Kumar, former bank branch manager Jaswant Rai and Gopal Thakur in Delhi.

“Exciting news! Hindustan Times is now on WhatsApp channels Subscribe today by clicking the link and stay up to date with the latest news!” Click here!

Leave a Reply

Your email address will not be published. Required fields are marked *