CBI arrests 5 in multi-crore scam involving RLDA funds
NEW DELHI: The Central Bureau of Investigation (CBI) on Monday apprehended five individuals, including public servants and private individuals, in an ongoing investigation related to the alleged misappropriation of approximately Rs 31.50 crores from the Rail Land Development Authority (RLDA).
The accused include two retired officials, one each from the RLDA and the Bank of Baroda, Shahdra Branch in Delhi. They identified as Vivek Kumar, then manager, RLDA, Jaswant Rai, then, Branch Head, Bank of Baroda, Vishwas Nagar Branch, Shahdara, in Delhi, Gopal Thakur (private person) from Delhi, Hitesh Karelia (private person) from Mumbai and Nilesh Bhatt (private persons) from Mumbai. Additionally, the three private individuals have been arrested.
They were produced before the Competent Court and subsequently remanded to judicial custody. The case stems from a complaint filed by the RLDA, a statutory body under the rail ministry.
The allegations suggest that the RLDA incurred a loss of around Rs. 31.50 crore due to the actions of unidentified public servants and officials of the Bank of Baroda’s Vishwas Nagar Branch in New Delhi.
As per the complaint, RLDA initially entrusted an amount of approximately Rs. 35 crores for a one-year fixed deposit with the Bank of Baroda’s Vishwas Nagar Branch.
The understanding was that the maturity proceeds would be reinvested for a three-month period. However, investigations reveal that the bank only reinvested Rs 3.50 crores, diverting the remaining Rs 31.50 crores to various shell companies in collaboration with bank officials, RLDA officials, and private individuals. This diversion resulted in substantial financial losses for the RLDA.
Furthermore, it is alleged that officials from the Bank of Baroda’s Vishwas Nagar Branch in Delhi, conspired with private individuals based in Mumbai, Delhi, and other locations to defraud the RLDA.
They purportedly misappropriated the entrusted funds by using forged letters and advisories, which were falsely attributed to RLDA officials. These ill-gotten funds were deposited into accounts of several shell companies based in Mumbai before being withdrawn and misappropriated.
The investigation has also raised questions about the involvement of RLDA officials in the scandal. Searches were conducted at 12 different locations, spanning Delhi, Mumbai, Goa, and Himachal Pradesh, as part of the ongoing investigation.
As the investigation continues to unfold, the CBI is determined to uncover the full extent of the alleged misappropriation and hold all involved parties accountable for their actions.
