CBI conducts raids on offices of 2 City firms
A Central Bureau of Investigation (CBI) team from Delhi on Wednesday raided the office premises of Future Metals Pvt Ltd (FMPL) and Future Exim India Pvt Ltd (FEIPL) on MG Road here.
The two firms recently shifted their activities two buildings away from their previous offices at Barton Centre and with a different name. The CBI targetted the new offices on MG Road.
The sleuths, headed by SP Murugesh, questioned some staff members, besides collecting documents pertaining to various transactions.
The team will collect more details on Thursday, sources said.
The FEIPL was involved in one of the biggest scams of independent India, which was unearthed by Deccan Herald on July 16 this year. The Spices Trading Corporation Ltd (STCL Ltd) suffered massive loss following the mega fraud—Rs 1,250-cr—involving two City firms. The scam involved transferring iron ore scrap as nickel and copper scrap.
Subsequently, the STCL lodged a formal complaint with the Bangalore police against the FMPL and FEIPL for defrauding and misappropriating the staggering sum.
Interestingly, the alleged fraud remained under wraps for 10 months. Between May and September 2008, the STCL, in accordance with an agreement reached with the two companies in 2005, acted as their “facilitator” to arrange trade in scrap metals in third world countries.
