CBI books ex-PEC CMD, other officials

The Central Bureau of Investigation has booked A. K. Mirchandani, former chairman-cum-managing director of state-run PEC Ltd., his former junior colleagues, Pisces Exim (I) Private Ltd., its proprietor and directors, besides others for allegedly cheating the public sector undertaking of ₹531.72 crore.

Mumbai-based Pisces Exim’s sole proprietor Soumit Ranjan Jena, its directors Pravin Kumar Somalal Rathod and Shantanu Sharma; Jet Link Infotech and its managing director G. Sadanand Rao; and two Hyderabad residents M. Shiv Bhusan and his son M. Srinivas have been named as accused in the FIR.

Apart from Mr. Mirchandani, then PEC director (currently CGM) Rajiv Chaturvedi, CGM A.K. Gandotra, GM (Finance) R.C. Gilani and JGM S.K. Kochhar have also been arraigned.

The PEC had entered into 15 agreements with Pisces Exim Ltd. between 2010 and 2012 for export of iron ore to a foreign buyer, for which funds were released by it. However, the PEC claimed that Pisces Exim allegedly defaulted on its agreement, officials said.