Iffco owns 23M shares of Growmax and need to clean house
CBI books IFFCO CEO Awasthi in corruption case, conducts searches
Conducts search operation at 12 premises in Delhi, Mumbai and Gurugram
The Central Bureau of Investigation (CBI) has filed a corruption case against Indian Farmers Fertiliser Cooperative’s (IFFCO’s) managing director (MD) and chief executive officer (CEO) US Awasthi and some directors in connection with discrepancies in the import of fertilisers and claiming subsidies.
IFFCO is a multi-state cooperative society engaged in the business of manufacturing and marketing fertilisers.
The CBI also booked MD of Indian Potash Parvinder Singh Gahlaut and his and Awasthi’s sons, among others, in the case.
Following the first information report (FIR) filed on Wednesday, the federal agency conducted a massive search operation at 12 premises linked to Awasthi and Gahlaut in Delhi, Mumbai and Gurugram, according to CBI officials.
During the searches, the agency found cash worth Rs 8.8 lakh at the premises of Awasthi. Fixed deposits of over Rs 5.5 crore in the name of Gahlaut and his family were also recovered. The agency’s officers also took possession of documents with respect to 19 immovable properties.
The matter pertains to the accused allegedly claiming higher subsidies from the government by importing fertilisers at inflated prices and receiving commission from the supplier through sham transactions, the officials said.
https://www.business-standard.com/article/economy-policy/cbi-books-iffco-ceo-awasthi-in-corruption-case-conducts-searches-121052000037_1.html