Financial firm official raided, assets worth Rs 3.9 crore seized

BENGALURU: A senior official of IFCI, a financial institution, was raided on Tuesday by the anti-corruption division of the Central Bureau of Investigation (CBI) and assets worth `3.9 crore were seized from his house.

The officer, V C Ram Mohan, is Deputy General Manager at the regional office in the city.The Bengaluru unit raided his house on Tuesday morning and claimed that Ram Mohan, while posted in various capacities in IFCI, had amassed assets in his name and in the names of his family members. Between 2007 and 2017 there was a 205 per cent increase in disproportionate assets against his known sources of income as well as that of his family members.

During his tenure as DGM in IFCI Ltd in Bengaluru between 2014-2016, he had created fixed/term deposits to the tune of `2.58 crore in the names of his parents and wife. Prior to 2007, his properties were valued at `7.8 lakh and it grew to `3.03 crore by the end of March 2017 . Ram Mohan and his family had a total income of `1.9 crore while they incurred expenditure of `2.86 crore which included a donation of `3 lakh made by his wife to Tirumala Tirupati Devasthanams.

According to CBI officials, from 2007-08 onwards, Ram Mohan started making cash deposits into the pension account of his father at the Sullurupet branch of Syndicate Bank and also opened accounts in the name of his wife K Sudarshana Madhavi at Indian Bank, Shivampet in Medak district and other places, including Hyderabad, and converted them into fixed deposits.  From 2010 onwards, Ram Mohan opened several other accounts in the name of his wife Sudarshana Madhavi. A case was regsitered under various sections of Prevention of Corruption Act, 1988.