38.6c New Delhi, India, Thursday, October 31, 2024
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Business

IFFCOs CEO, Awasthi booked in corruption case by the CBI

By Athira Nair      24 May, 2021 12:52 PM      0 Comments
corruption casees in India

The CBI has filed a corruption case against Indian Farmers Fertilizer Cooperatives (IFFO) Managing director (MD) and Chief Executive Officer (CEO) US Awasthi and a bunch of other authorities who were involved in irregularities in the import of fertilizers and claiming subsidies.

IFFCO is a ulti-state cooperative society involved in the business of producing and marketing fertilizers.

The CBI has also booked MD of Indian Potash Parvinder Singh Gahlaut, including the children of Potash Parvinder and Awasthi, involving in the same matter.

According to the FIR that was filed on 19th May, Wednesday, the federal agency conducted a large-scale search operation at 12 locations, which are linked to Gahlaut and Awasthi. The locations were in Delhi, Mumbai and Gurugram.

The CBI found cash worth 8.8 Lakh at the premises of Awasthi. Fixed Deposits of over R.s. 5.5 crores in the name of Gahlaut and his family, were also found out. The CBI took possession of the documents which were related to 19 movable properties.

This matter involves the accused allegedly on purpose claiming higher subsidies in order to enjoy profit and importing the fertilizers at an inflated price and receiving commissions from the supplier. Stated the officials.

IFFCO and Indian Potash have been importing humongous quantities of fertilizers.

The CBI states that the accused, allegedly, in order to gain profit from the government claimed higher subsidies, and also imported fertilizers through Kisan International Trading FZE in Dubai & other middlemen at highly inflated rates. The inflated prices covered the profit for Awasthi and Gahlaut, which was transferred internationally through sham transactions.



Share this article:



Leave a feedback about this
TRENDING NEWS


TOP STORIES

sc-tells-ncp-led-by-ajit-pawar-to-declare-use-of-clock-symbol-sub-judice
Trending Judiciary
SC tells NCP led by Ajit Pawar to declare use of Clock symbol sub judice

SC directs Ajit Pawar-led NCP to declare ‘Clock’ symbol use as sub judice in all election materials, pending final court ruling on its rightful ownership.

25 October, 2024 11:12 AM
justice-sanjiv-khanna-to-take-oath-as-chief-justice-of-india-on-nov-11-2024
Trending Legal Insiders
Justice Sanjiv Khanna to take oath as Chief Justice of India on Nov 11, 2024 [Read Notification]

Justice Sanjiv Khanna appointed as the 51st Chief Justice of India, succeeding CJI Chandrachud, with a tenure starting on November 11, 2024.

25 October, 2024 11:17 AM
sc-grants-bail-to-businessman-in-delhi-liquor-policy-scam-case
Trending Judiciary
SC grants bail to businessman in Delhi liquor policy scam case

Supreme Court grants bail to businessman Amandeep Singh Dhall in Delhi liquor policy scam case, noting the lengthy trial process with over 300 witnesses.

25 October, 2024 04:11 PM
sc-dismisses-ex-jharkhand-cms-plea-for-suspension-of-conviction-to-allow-him-contest-assembly-polls
Trending Judiciary
SC dismisses ex Jharkhand CM's plea for suspension of conviction to allow him contest Assembly polls

The Supreme Court rejects ex-Jharkhand CM Madhu Koda’s plea to stay his conviction, barring him from contesting the upcoming Assembly elections.

25 October, 2024 05:10 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email