CBI registers case against two senior officials of OMDC

CBI today registered a case against two senior officials of Orissa Mineral Development Company and a few others for causing a loss of Rs 350 crore to the exchequer through controversial share transfer.
CBI sources said the then Director, the then Financial Controller of OMDC and the then Director of a private West Bengal-based company and two former directors of a Uttar Pradesh-based company have been booked on charges of criminal conspiracy, cheating and under provisions of Prevention of Corruption Act.
"It was alleged that these OMDC officials had conspired with the other private persons and companies during the period 2003 to 2010 in formation of a joint venture (JV) for setting up a sponge iron plant in Odisha.

"Thereafter, the shares of this JV were transferred to private companies in violation of the terms of JV resulting in huge loss to the exchequer," a CBI spokesperson said.
A loss of about Rs 350 crore was caused to the exchequer, the sources said.
"Searches were conducted at the premises of the accused at seven locations, including New Delhi, Kolkata and Sultanpur (UP), which led to the recovery of incriminating documents relating to the case. Further investigation is on," the spokesperson said.