CBI team returns back without tracing urea money

NEW DELHI, JUNE 11: A CBI team has returned unsuccessful from its mission to two countries to trace the money siphoned off from the Rs 133...

NEW DELHI, JUNE 11: A CBI team has returned unsuccessful from its mission to two countries to trace the money siphoned off from the Rs 133 crore urea import scam, agency sources said.

The two-member team visited Turkey and France to investigate the transaction money that allegedly went into different accounts but failed to get any substantial leads, sources said here.

CBI had succeeded in freezing about Rs 90 crore of the Rs 133 crore urea scam money deposited in various foreign banks by Turkish firm Karsan’s two executives, presently under judicial custody here.

Public Sector company National Fertilizers Ltd (NFL) had entered into a contract for import of two lakh tonnes of urea with Karsan in 1995, but the latter failed to supply it within the specified period. CBI later found that huge kickbacks were paid to many people in India by Karsan, which allegedly did not make any effort to fulfil the contract.

Earlier, the accounts were frozen in State Bank of India in New York, Bank of New York, Intermediate Bank, Geneva and a bank in the Carribean Islands.

The CBI team had left on a two nation tour on May 17 and returned on May 25. They visited France and Turkey to find out whether some money was deposited into the accounts of the people suspected to be the middlemen in the deal.

CBI had recently received crucial documents, which run into over 700 pages, pertaining to accounts and money transaction by Karsan executives Tunkay Alankus and Cihan Karanci.

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The documents received from US, Monacco, Isle of Mann and Switzerland had already been submitted before the trial court.

Besides Alankus and Karanci, CBI had chargesheeted seven persons, including former NFL chairman C K Ramakrishanan and its executive director D S Kanwar.

Former prime minister P V Narasimha Rao’s kin Sanjiva Rao and former Union minister Ram Lakhan Singh Yadav’s son Prakash Yadav are also among the accused facing trial.

The agency was making efforts for extradition of Brazilian national A E Pinto, who was arrested in connection with the case by London police on the request of Indian authorities, they said.

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Pinto had allegedly negotiated on behalf of Karsan to clinch the deal in its favour.

Meanwhile, nearly two crore rupees has been spent at the Geneva-based International Arbitration Council to expedite the proceedings in the case. The money has been spent by Karsan company and NFL jointly.