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CBI CONDUCTS SEARCHES AT OFFICE AND RESIDENCES OF ACCUSED FOR CHEATING PROJECT & EQUIPMENT CORP. LTD

January 09, 2018 07:28 PM

Hyderabad/ Visakhapatnam  (Face2News)

CBI has conducted searches at Hyderabad & Visakhapatnam at the office of private firm and residences of public servants for cheating Project & Equipment Corp. Ltd leading to recovery of incriminating documents.

Earlier, Central Bureau of Investigation has registered a case u/s 409, 420 r/w 120-B of IPC and Sec.13(2) r/w 13(1)(d) of PC Act, 1988, against Hyderabad based private sugar company; its Managing Director; a Director; a Manager, CFS, Central Warehousing Corporation; a Superintendent. Central Ware House, New Post Area, Kakinada(Andhra Pradesh) and a Superintendent(Retired), CWC, Unit-I, Visakhapatnam, on the allegations that the accused had fraudulently lifted sugar placed under collateral management of M/s Project & Equipment Corp. Ltd(who had opened an LC) and M/s CWC. An alleged loss of Rs.82,11,44,273/- was caused to M/s PEC Ltd. Investigation is continuing.

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