Green nod to tainted firm leaves SIT stumped
17 April 2015 12:33 AM GMT
An environment clearance to a “tainted company” identified as Rashmi Metaliks Ltd to set up a steel plant in West Bengal has surprised the Special Investigation Team (SIT) officials constituted to probe black money cases.
Sources said besides PACL ponzi scam, BHEL defence deal etc, the SIT is investigating the alleged misconduct on Rashmi Metaliks Ltd. It was learnt that SIT is investigating the company’s revenue that had grown phenomenally from just Rs13 lakh to Rs1,185 crore within four years of its establishment.
“We want to probe the money trail of the company. Probe revealed that illicit financial flow into India from 2002 to 2011 was around $343,922 million and it has increased suspiciously after 2006. All the angels need to be investigated,” sources said.
Besides under SIT probe, the company is under CBI scanner for Rs 660-crore fraud in 2011. Then,
the Indian Railways had slapped a Rs 660-crore notice to company for transporting iron ore meant for export on domestic freight charges and the matter is reportedly pending. Not the least, the firm without having a valid licence for trading of iron ore in August, 2008 engaged in transportation, violating the Orissa Minerals (Prevention of Theft, Smuggling & Illegal Mining and Regulation of Possession, Storage, Trading and Transportation) Rules 2007. Then the company made transaction of 33079.01 MT of iron ore illegally and obtained a benefit of Rs 6,28,65,880.
In the midst of probe against the company, environment clearance to the company for a steel-making unit at West Midnapur district in West Bengal has stirred controversy in the business fraternity. Many feel that there should be a clause in the environment ministry to restrict dubious companies from getting environmental nod.
Sources said besides PACL ponzi scam, BHEL defence deal etc, the SIT is investigating the alleged misconduct on Rashmi Metaliks Ltd. It was learnt that SIT is investigating the company’s revenue that had grown phenomenally from just Rs13 lakh to Rs1,185 crore within four years of its establishment.
“We want to probe the money trail of the company. Probe revealed that illicit financial flow into India from 2002 to 2011 was around $343,922 million and it has increased suspiciously after 2006. All the angels need to be investigated,” sources said.
Besides under SIT probe, the company is under CBI scanner for Rs 660-crore fraud in 2011. Then,
the Indian Railways had slapped a Rs 660-crore notice to company for transporting iron ore meant for export on domestic freight charges and the matter is reportedly pending. Not the least, the firm without having a valid licence for trading of iron ore in August, 2008 engaged in transportation, violating the Orissa Minerals (Prevention of Theft, Smuggling & Illegal Mining and Regulation of Possession, Storage, Trading and Transportation) Rules 2007. Then the company made transaction of 33079.01 MT of iron ore illegally and obtained a benefit of Rs 6,28,65,880.
In the midst of probe against the company, environment clearance to the company for a steel-making unit at West Midnapur district in West Bengal has stirred controversy in the business fraternity. Many feel that there should be a clause in the environment ministry to restrict dubious companies from getting environmental nod.
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