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CBI registers case in Ranchi-Jamshedpur (NH-33) project fraud

ANI | Updated: Mar 12, 2019 23:41 IST

Ranchi (Jharkhand) [India], Mar 12 (ANI): The Central Bureau of Investigation on Tuesday registered a case against Ranchi Expressway Limited, Madhucon Group of Companies and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project.
Earlier, High Court taking suo motu had ordered Serious Fraud Investigation Office (SFIO) to conduct a probe into the delay of completion of the said project which commenced in December 2012.
Based on SFIO’s report, CBI registered case against the executing company Ranchi Expressway Ltd, Madhucon Group of Companies and other officials of Canara Bank.
SFIO report has alleged Consortium of Banks led by Canara bank has released  Rs 1029.39 crores without verifying the progress of the project and in that around Rs 264 crores were diverted by the said companies and not used for the said project. (ANI)