New Delhi, March 13,2014 :The Central Bureau of Investigation has registered a case against certain officials of Project and Equipment Corporation (PEC) Ltd (a Public Sector Undertaking), New Delhi and Mumbai based private company U/s 120-B r/w 409, 420, 467, 468, 471 & 474 of IPC and Sec.13(2) r/w 13(1)(d) of PC Act, 1988 on the allegations that the accused persons during the year 2007 to 2013 were party to a criminal conspiracy to cheat PEC Ltd. in the matter of floating accommodative and fraudulent paired contracts for trading of agro commodities on the platform of Mumbai based company without actually undertaking any genuine trade. In pursuance of the said criminal conspiracy, certain officials PEC Ltd. abused their official position as Public Servants and allegedly invested in purchase of agro commodities of PEC Ltd. on the platform of Mumbai based company without ensuring any physical delivery of the commodities and without obtaining documents of title. An alleged loss of Rs.120.75 crore (approx.) was caused to PEC Ltd.
Searches were conducted at 15 places which include 04 places in Mumbai; 02 places in Karnal and 09 places in Delhi.
Further investigation is continuing.
Date:
Thursday, March 13, 2014