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The Central Bureau of Investigation (CBI) has registered a case against M/s Saraf Impex Pvt. Ltd., a Kolkata-based exporter; M/s Diamond Shipping Company Limited, a Custom House Agent (CHA); and senior officials of Project and Equipment Corporation of India (PEC) Ltd., a central government PSU. The case pertains to an alleged financial fraud causing a loss of ₹32 crores to the exchequer.
Allegations & Modus Operandi:
- The accused companies and their directors had entered into an Associateship Agreement with PEC Ltd. to obtain financial assistance for purchasing goods meant for export.
- As per the agreement, the exporter was required to procure goods and deposit them with the Customs House Agent (CHA) for export.
- PEC Ltd. was to release up to 80% of the export value as an advance payment to the exporter.
- However, it is alleged that the exporter and CHA, in collusion with PEC Ltd. officials, violated the agreement’s terms and dishonestly availed funds from PEC Ltd., causing financial losses to the PSU.
CBI Investigation & Raids:
- On 28 March 2025, CBI conducted searches at five locations in Kolkata and Bangalore, including offices and residential premises of the accused individuals and companies.
- The raids led to the recovery of incriminating documents, which are currently under scrutiny.
Current Status:
The investigation is ongoing to gather further evidence and identify additional culpable parties.
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