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    KVIC scam: CBI registers case to probe embezzlement of around Rs 3 crore funds

    Synopsis

    According to the Central Bureau of Investigation (CBI) case filed before a Ranchi special court, former deputy director R B Ram (now deceased) and the then KVIC executive Sunil Kumar allegedly entered into a criminal conspiracy with certain individuals and violated company procedures, including the General Financial Rules (GFR), and released payments to the tune of Rs 2.85 crore.

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    NEW DELHI: An amount of nearly Rs three crore has allegedly been released by some officials of the Ranchi unit of the Khadi and Village Industries Commission (KVIC) to unidentified people, prompting the CBI to lodge a case against four persons and a company, and launch a probe.

    According to the Central Bureau of Investigation (CBI) case filed before a Ranchi special court, former deputy director R B Ram (now deceased) and the then KVIC executive Sunil Kumar allegedly entered into a criminal conspiracy with certain individuals and violated company procedures, including the General Financial Rules (GFR), and released payments to the tune of Rs 2.85 crore to "individuals of dubious identities".

    The CBI registered the case on a written complaint from a senior official of the KVIC, which functions under the Micro, Small and Medium Enterprises Ministry.

    According to the central agency, the financial irregularities were committed between 2016 and 2018 as found by an internal committee of the KVIC.

    Funds to the tune of over Rs 1.57 crore, meant to be spent under schemes such as the Khadi Reform and Development Programme, the Honey Mission, the Prime Minister's Employment Generation Programme were allegedly released to two Chennai-based firms.

    Similarly, an amount of Rs 42.60 lakh was allegedly released from the KVIC's renovation, publicity and inventory management to an individual.

    Later, two more payments of Rs 23 lakh and Rs 62.82 lakh were made to two individuals for the publicity of Khadi reforms and development and procurement of raw silk material.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    3 Comments on this Story

    Manav315 days ago
    CBI is actually Corrupt Bureau of India. There''s more corruption inside CBI than what you see outside. ACB is actually All Corrupt Bureau.
    Balachandra Kamath315 days ago
    The senior officials of a government organisation are top rank holder''s from top educational institutions, and undergo a tough screening and selection process,
    Such people indulging in financial misadventure that is prima facie objectionable, and this points out, a craze to hog the limelight, a sense of being the face or the embodiment of supreme powers that no one else posses.
    According to mental health professionals, It''s a form of a kick, an intoxication that gives immense pleasure, they say, that such people act from a child ego state, when they should actually be acting from an adult ego state.
    Sushil Srivastava315 days ago
    you put your finger Eyes Closed on most of the Govt.Orgaisation including those who judjge other departments you will find either misuse of power or Money.
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