A special Central Bureau of Investigation (CBI) court acquitted three persons in a 14-year-old case of fraud involving former managing director of Rashtriya Chemicals and Fertilizers (RCF).
While R Venkatesan, then chairman & managing director, has been shown as an absconding accused in the case, the court on Wednesday acquitted Surendra Dingra, the then deputy general manager of RCF, Roop Dargar, chief marketing manager and Kuldeep Narayan, the then general manager.
According to the CBI, the fraud occurred during Venkatesan’s tenure (1987-91).
According to the prosecution, Venkatesan abused his official position by providing unauthorised supply of sodium nitrate. Therefore, the investigating agency had quantified the scam at Rs 50 lakh.
That Sodium Nitrate (NaNO3) and Sodium Nitrite (NaNO2) are the by products of R.C.F. Ltd., RCF Ltd sells these products to various companies on cash or Bank collateral basis. The fraud can takes place at any point of time. Glass industries, fire work manufacturers use these by-products.
That in pursuance of the said aforesaid criminal conspiracy a wrongful loss of Rs. 50,37,503.15.
Hence, the case came to the fore only after Venkatesan’s retirement. Four accused got trap in the legal sanctions.
