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The Central Bureau of Investigation has registered a case
against General Manager, Chief Finance Manager and two Chief
Engineers of Hindustan Organic Chemicals Limited, Kochi and
two private firms u/s 120-B IPC r/w 420 IPC and 13(2) r/w
13(1) (d) of P.C. Act, 1988.
The allegation in brief is that the accused public servants
of Hindustan Organic Chemicals Limited in conspiracy with
the accused private firms imported 'Cumene' a raw material
used in Hindustan Organic Chemicals Ltd. for the manufacturing
of Phenol during December, 2002 to March, 2003 at an exorbitant
rate and thereby caused a wrongful loss of Rs. 1.15 crore
to HOCL.
The CBI conducted simultaneous searches on 24.2.2005 in four
places in Kerala and two places in Mumbai. During the search
besides, incriminating documents relating to the allegation
of imports of 'Cumene', huge investments in the form of RBI
Bonds (Rs. 70 lakh), Kisan Vikas Patras (Rs. 27.47 lakh),
National Saving Certificates (Rs. 12.05 lakh), F.Ds in various
banks (Rs. 35.70 lakh), R.Ds and Term Deposits in Post Office
(Rs. 26.61 lakh), Shares (Rs. 2.23 lakh), PPF (Rs. 6.22 lakh),
LIC (Rs. 3.10 lakh), Investments in financial institutions
(Rs. 1.89 lakh) were seized from the residence of GM at Perumbavoor,
Kerala. In addition, the accused GM was also found in possession
of two house plots and one car. The search at the residence
of GM thus revealed the possession of assets approximately
to the tune of Rs. 1.92 crore.
Further investigation is in progress.
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