In a significant development, the Central Bureau of Investigation (CBI) has taken into custody five individuals, among them two retired officials from the Rail Land Development Authority (RLDA) and Bank of Baroda, in connection with a substantial misappropriation of funds totaling Rs 31.50 crore.
The arrested individuals comprise Mr. Vivek Kumar, the former manager of RLDA, and Mr. Jaswant Rai, a retired branch manager from Bank of Baroda, alongside three private citizens: Mr. Gopal Thakur, Mr. Hitesh Karelia, and Mr. Nilesh Bhatt.
Subsequent to their apprehension, the accused were brought before a court, where they were remanded to judicial custody. This investigation was initiated following a complaint lodged by RLDA, alleging a staggering loss of Rs 31.50 crore, attributable to unidentified culprits.
The alleged misappropriation centers on RLDA’s initial investment of approximately Rs 35 crore in the form of a fixed deposit (FD) with Bank of Baroda’s Vishwas Nagar branch in Shahdra, Delhi. Subsequently, the maturity proceeds were supposed to be reinvested for a three-month duration. Shockingly, it is alleged that the bank only reinvested Rs 3.50 crore, while the remaining Rs 31.50 crore was siphoned off into various shell companies, allegedly with the complicity of bank officials, RLDA personnel, and private individuals. The funds were misused through the presentation of forged letters and advisories purportedly issued by RLDA officials.
This development marks a significant step in the ongoing investigation into financial irregularities and underscores the commitment of law enforcement agencies to pursue justice in cases of financial misconduct.
