CBI Nabs 5, Including Former Government Officials, in Multi-Crore Scam Bust
In a significant development, the Central Bureau of Investigation (CBI) made five arrests on Monday, implicating individuals in a case involving the alleged misappropriation of Rs 31.50 crore of funds belonging to the Rail Land Development Authority (RLDA). Among those arrested were a retired RLDA official and a former Bank of Baroda manager.
Following their arrest, the accused were presented before a court, which subsequently remanded them to judicial custody. The CBI initiated its investigation based on a complaint filed by the RLDA, which alleged a substantial loss of Rs 31.50 crore attributed to unidentified individuals.
According to a CBI spokesperson, the RLDA initially invested approximately Rs 35 crore in a fixed deposit (FD) at the Bank of Baroda's Vishwas Nagar branch in Shahdra, Delhi, for a one-year period. Subsequently, the maturity proceeds were supposed to be reinvested for a three-month period.
However, the investigation revealed that the bank had only invested Rs 3.50 crore, with the remaining Rs 31.50 crore being diverted to various shell companies in collusion with bank officials, RLDA personnel, and private individuals. The misappropriation was carried out using forged letters and advisories that purported to be issued by RLDA officials.
This arrest and ongoing investigation highlight the importance of vigilance and accountability in financial transactions involving public funds. The CBI continues to probe the case, aiming to bring those responsible for the alleged misappropriation to justice and recover the embezzled funds.
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