CBI books former PEC CMD, other officials for cheating PSU

The agency booked A K Mirchandani, former CMD of PEC Ltd, several of its other serving and former officials and private companies Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd on several charges, including criminal conspiracy and corruption in connection with the case.

By: Express News Service | New Delhi | Published: May 6, 2018 2:40:43 am
CBI books former PEC CMD, other officials for cheating PSU According to CBI, PEC had entered into 15 agreements between 2010-12 with Pisces Exim Ltd for export of iron ore to a foreign buyer for which funds were released by it, they said.

The CBI has booked a former chairman cum managing director (CMD) of a Commerce Ministry PSU and two private companies for causing a loss of Rs 531 crore to the exchequer.

The agency booked A K Mirchandani, former CMD of PEC Ltd, several of its other serving and former officials and private companies Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd on several charges, including criminal conspiracy and corruption in connection with the case.

According to CBI, PEC had entered into 15 agreements between 2010-12 with Pisces Exim Ltd for export of iron ore to a foreign buyer for which funds were released by it, they said.

In its complaint, the PEC has claimed that Pisces Exim allegedly defaulted on its agreement, they said. Not only did Pisces Exim fail to supply iron ore, as required, but it also failed to refund the amount paid to it by PEC, they said.
“Presently, a sum of Rs 531.72 crore (including the interest up to September 30, 2016) is due and payable to PEC along with interest till realisation. Importantly, the said monies due are public money,” the PEC has alleged in its complaint

The agency has booked 15 persons and two companies in this connection. PEC Ltd was carved out of the STC (State Trading Corporation of India Ltd) in 1971-72 to take over the canalized business of STC’s railway equipment division, to diversify turn-key projects especially outside India and to aid and assist in the promotion of exports of Indian engineering equipment.

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