STCL officers' houses raided

The central agency, looking for evidence in the misappropriation of iron ore stocks at the STCL, raided the houses of MD K C Ponanna, general manager (marketing) K L Anand Sai, general manager (personnel administration) N Devaraja Gowda, three chief managers and two managers, between 7 am and 4 pm, sources said.

The raids were carried out in connection with misappropriation of iron ore stocks worth Rs 75 crore.

Sources said the officers allegedly exported the stocks via New Mangalore, Vizag and Goa ports in November-December 2008, without refunding the money to the Corporation. The CBI secured various documents and inquired the officers about their assets.