Lawstreet Journal

IFFCO’s CEO, Awasthi booked in corruption case by the CBI

Lawstreet Journal 24 May 2021 6:22pm

Image courtesy: Lawstreet Journal Business IFFCO’s CEO, Awasthi booked in corruption case by the CBI

The CBI has filed a corruption case against Indian Farmers Fertilizer Cooperative’s (IFFO) Managing director (MD) and Chief Executive Officer (CEO) US Awasthi and a bunch of other authorities who were involved in irregularities in the import of fertilizers and claiming subsidies.

IFFCO is a ṃulti-state cooperative society involved in the business of producing and marketing fertilizers.

The CBI has also booked MD of Indian Potash Parvinder Singh Gahlaut, including the children of Potash Parvinder and Awasthi, involving in the same matter.

According to the FIR that was filed on 19th May, Wednesday, the federal agency conducted a large-scale search operation at 12 locations, which are linked to Gahlaut and Awasthi. The locations were in Delhi, Mumbai and Gurugram.

The CBI found cash worth 8.8 Lakh at the premises of Awasthi. Fixed Deposits of over R.s. 5.5 crores in the name of Gahlaut and his family, were also found out. The CBI took possession of the documents which were related to 19 movable properties.

This matter involves the accused allegedly on purpose claiming higher subsidies in order to enjoy profit and importing the fertilizers at an inflated price and receiving commissions from the supplier. Stated the officials.

IFFCO and Indian Potash have been importing humongous quantities of fertilizers.

The CBI states that the accused, allegedly, in order to gain profit from the government claimed higher subsidies, and also imported fertilizers through Kisan International Trading FZE in Dubai & other middlemen at highly inflated rates. The inflated prices covered the… Continue Reading...


Tagged: CBI   IFFCO      Corruption  
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