CBI names Hyderabad firm in Coalgate scam!

Taking forward its probe in coal allocation scam, the CBI has booked two companies for alleged misrepresentation of facts while applying for captive blocks.

After registering two FIRs, the agency officials carried out search operations spread across 16 locations in six cities including Delhi, Hyderabad, Secunderabad, Satna, Vishakhapatnam and Jaipur, CBI sources said. The agency has slapped charges of criminal conspiracy, cheating under Indian Penal Code and relevant sections of Prevention of Corruption Act against Green Infrastructure Private Limited based here and Satna-based Kamal Sponge Steel and Power Limited and their directors, the sources said. They said in the case against Green Infratstructure, now known as Athena Infra Projects Private Limited, the agency has also named as accused its Chairman Parthasarthy Commandur and Directors M S Ramkrishna, Yugandhar Meka, Allure Raju Sitarama, Vemuri Ramesh, Prasad N besides unknown public servants. Sources alleged the company which is promoted by a large financial firm involved in stock trading, wealth management and other related services had an actual networth of mere Rs two lakh while applying for coal block but it showed an agreement with a Malayasian firm MMC Berhard, having networth of about Rs 4,600 crore, which was not legally binding. The sources claimed the Malaysian firm had given mere expression of interest to enter in agreement with Green Infrastructure but the company allegedly projected their networth as its own and got Fatehpur (East) coal block in 2008 by submitting inflated figures.
- PTI