The Central Bureau of Investigation (CBI) has registered a case of cheating and forgery against officials of Broadcast Engineering Consultants India Ltd (BECIL) and a Mumbai based private company for alleged loan fraud related to waste management and smart lighting and metering projects.
According to the CBI, an inquiry was conducted on the basis of a complaint received from Sanjiv Shankar, joint secretary and chief vigilance officer, the Ministry of Information & Broadcasting. As per the complaint, the Indian Renewable Energy Development Agency Ltd (IREDA) had sanctioned a loan of Rs80 crore to BECIL, a public sector undertaking under the Ministry, for projects related to waste management / LED smart lighting/ smart metering projects.
BECIL, however, executed an agreement with a private company in Mumbai for the implementation of Pune municipal solid waste management contract. Out of the loan amount of Rs80 crore sanctioned by IREDA, BECIL sanctioned a loan of Rs50 crore to the private company. The disbursement of the loan to the company was done in three instalments. As per the terms and conditions, the company was to execute performance bank guarantee (BG) of Rs25 crore, an indemnity bond, blank dated cheques of Rs45 crore, consent for hypothecation of plant and machinery and lease deed for the land, the CBI stated in its FIR.
As per the FIR, the company had produced the said BG from a Ghatkopar branch of a bank. During enquiry, it was revealed that the bank had not issued any BG in favour of BECIL on behalf of the company. The said BG, created in Mumbai, was found to be forged. Further, the original file containing crucial project documents was missing from the office of BECIL, New Delhi.
BECIL has been charged of criminal conspiracy, causing disappearance of evidence, cheating, forgery, forgery for the purpose of cheating, using as genuine a forged document and offence relating to public servant being bribed under the relevant sections of Indian Penal Code and Prevention of Corruption Act, as per the FIR.
