C Shivakumar
Chennai:
A probe by the Central Bureau of Investigation (CBI) has
unearthed irregularities in the Union government run premier foreign trade
behemoth, the Minerals and Metals Trading Corporation of India (MMTC), to the
tune of Rs.18 Crore. During the course of probe, the investigating agency has
also seized 400 kg gold from the premises of a private company that is alleged
to have been favoured by the MMTC officials.
According to documents available with Express, the First
Information Report (FIR) alleged that during the period 2007-09 at Chennai and
other places, S Gurusamy, former chief general manager of south zone, MMTC
Limited, Chennai Regional Office, V Gurumurthy, former general manager (Finance
and Accounts) MMTC Ltd and some unknown officials entered into a criminal
conspiracy with Chennai-based Surana Corporation Limited to cheat MMTC in
bullion (gold and silver) trading.
“The officials abused their official position by
extending undue favours to Surana Corporation Limited by intentionally omitting
to debit and recover the difference exchange rate from the firm thereby causing
a loss to the tune of Rs 18 crore,” the FIR says.
During the period 2007-09, SCL used to import gold and
silver under the Stand-by Letter of Credit (SLBC) scheme. It used to deposit the
cost of bullion arrived on the basis of a “notional price and notional exchange
rate” prevailing on the date of delivery of consignments.
As per the system and procedure, SLBC transactions are
routed through the online Bullion Trading System (BTS). However, the two
officials along with others dispensed with the all important BTS mode and made
all transactions manually to allegedly favour the SCL.
“The officials deliberately treated the provisional
invoice as the final. They showed the difference in cost [difference between
the provisional and the final invoice] as a variation in the purchase rate.”
The officials manipulated the system and intentionally
failed to reconcile the difference in exchange rate and to recover the premium
and other accompanying costs, the FIR added.
Interestingly, the officials also “covered up” the
wrongful loss to MMTC by allegedly showing the debit balance of Rs 18 crore in
favour of Foreign Vendors Account in their book of accounts.
Sources reveal that following the registration of cases
against the MMTC officials for criminal conspiracy, cheating and for various
offences under the Prevention of Corruption Act, the CBI sleuths conducted
raids in various places on June 20, 2012 including the residences of the
officials, godowns and corporate offices of Surana Corporation Limited.
During the raid, CBI found 400 kilos of gold kept in the
premises of Surana Corporation. Besides the gold, the CBI officials also seized
cash.
The gold seized from Surana Corporation include gold bars,
gold coins, chains, rings and bangles.
The gold seized by the CBI was brought into India without any valid
documents, it is alleged.
Interestingly, Gurusamy after his retirement from MMTC on
June 2008 joined the SCL as director while Gurumurthy, who retired on November
30, 2011, joined a leading jewellery firm in Chennai that buys gold from
Surana.
The MMTC is dealing with the export and import of
precious metals and minerals.It is India’s largest foreign trade enterprise.
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