CBI books two companies and PEC Kolkata in cheating case of Rs. 32 cr

BW Online Bureau Apr 01, 2025

The exporter and customs house agent in criminal conspiracy with the officials of the PEC Ltd. contravened the terms and conditions of the associateship agreement and availed finance from PEC dishonestly, causing wrongful loss to the PEC Ltd : CBI

New Delhi, April 1

The Central Bureau of Investigation (CBI) has registered a case against M/s SarafImpex Pvt. Ltd., a Kolkata based Exporter, M/s Diamond Shipping Company Limited, Custom House Agent (CHA) and top officials of Project and equipment corporation of India (PEC) Ltd. - a central government PSU causing an alleged loss of Rs.32 crores to the exchequer.

The CBI said that the accused companies through its accused directors had entered into associateship agreement with PEC Ltd. for obtaining finance for the purchase of goods to be used for making export.

The exporter was supposed to procure goods and deposit with the Customs House Agent for making export and PEC Ltd. was supposed to release payment up to 80% of the value of export to the exporter. It is alleged that the exporter and Customs House Agent in criminal conspiracy with the officials of the PEC Ltd. contravened the terms and conditions of the associateship agreement and availed finance from PEC dishonestly, causing wrongful loss to the PEC Ltd, CBI further added.

CBI conducted searches at five places offices/ residential premises of accused private persons/ companies at Kolkata and Bangalore. which led recovery of some incriminating documents, officials further said.