Case for illicit wealth against CEO of Iron and Steel Market

The Anti-Corruption Bureau today registered a case of possession of disproportionate assets against the chief executive officer of the government-run Kalamboli Iron and Steel Market in Navi Mumbai.

A case under the Prevention of Corruption Act was registered at Kalamboli police station against Vikas Rasal, a senior government official.

Last month, Income Tax Department sleuths had caught Rasal at the Mumbai Airport and seized Rs 65.80 lakh in cash from his possession, an ACB official said.

After the IT Department intimated the ACB, an inquiry started. Searches revealed that Rasal's assets were worth Rs 14.39 crore, 208 percent more than his known sources of income.
 

Kalamboli steel market yard -- a wholesale market for steel and iron -- is governed by the Mumbai Metropolitan Region Development Authority, a state government agency.