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Home Corporate Governance

CBI raids 16 locations across J K, Delhi, Mumbai in Rs 2,200 hydro power project

During the investigation, evidence was found revealing the alleged role of middlemen, including the then-Chairman's financial transactions between these middlemen and public servants

India CSR by India CSR
July 7, 2022
in Corporate Governance
Reading Time: 2 mins read
CBI books textile major S Kumars in Rs 1,245 cr loan fraud case
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NEW DELHI (India CSR): The Central Bureau of Investigation (CBI) is conducting searches at 16 locations across Jammu, Srinagar, Delhi, Mumbai, and Patna at the premises of associates of accused, middlemen, and others in an on-going investigation of a case.

The said case was registered on April 20, 2022, at the request of the Jammu and Kashmir administration, on allegations of malpractice in the awarding of the Kiru Hydro Electric Power Project (HEP) civil works contract worth Rs 2,200 crore to a private company, Patel Engineering Limited, in 2019.

Also Read: India’s Biggest Banking Fraud: CBI Books DHFL Directors in Rs 34,000-Crore Case

The CBI has named Chenab Valley Power Project’s Navin Kumar Choudhary (IAS, then Chairman), MS Babu (then MD), MK Mittal (then Director), Arun Kumar Mishra (then Director) and Patel Engineering Ltd., along with a few others.

“It was further alleged that in the award of the Civil Works package of Kiru Hydroelectric Project, guidelines regarding e-tendering were not followed and though a decision was taken in the Board Meeting of CVPPPL [Chenab Valley Power Projects Ltd] to re-tender through e-tendering with reverse auction, after cancellation of on-going tendering process, same was not implemented [as per decision taken in the next Board meeting] and the tender was finally awarded to said private company,” said the CBI.

Also Read: Mumbai: Realty firm, promoters booked by CBI in Rs 30 cr bank fraud case

Earlier, searches were also conducted on April 21, 2022, at the premises of the accused.

“During the investigation, evidence was found revealing the alleged role of middlemen, including the then-Chairman’s financial transactions between these middlemen and public servants, and accordingly, searches are being conducted today at 16 locations,” added the CBI.

(India CSR)

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Source: India CSR I 07 July 2022
Tags: Central Bureau of Investigation (CBI)Chenab Valley Power Projects LtdKiru Hydro Electric Power ProjectPatel Engineering Limited

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