CBI raids several locations in India as Odisha company defrauds Rs 56.89 crore

Bhubaneswar: The Central Bureau of Investigation (CBI) today conducted raid at 11 locations in the country in connection with a case of a Sundargarh-based private company allegedly defrauding Rs 56.89 crore public money.

The central agency has registered a case against the then CMD of PEC Ltd., other officials of PEC Ltd., the private company and its two directors.

It was alleged that the accused entered into a conspiracy among themselves and defrauded public money to the tune of Rs 56,89,52,416 (approx) being principal and interest due as on 20.06.2021, in financing for domestic procurement of iron ore and coal to the private company, thereby causing loss to the PEC Limited, New Delhi.

Searches were conducted at the office and residential premises of the accused at 11 places, including New Delhi, Thane (Maharashtra), Guwahati and Ghaziabad (UP), which led to the recovery of incriminating documents, CBI sources said.

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