A special Central Bureau of Investigation (CBI) court on Wednesday acquitted three persons in a 14-year-old case of fraud involving former managing director of Rashtriya Chemicals and Fertilizers (RCF).
While R Venkatesan,then chairman & managing director,has been shown as an absconding accused in the case,the court on Wednesday acquitted Surendra Dingra,the then deputy general manager of RCF,Roop Dargar,chief marketing manager and Kuldeep Narayan,the then general manager.
According to the CBI,the fraud occurred during Venkatesans tenure (1987-91).
According to the prosecution,Venkatesan abused his official position by providing unauthorised supply of sodium nitrate and sodium nitrite to co-accused Pradip Ramrakhianis company on clean credit basis,contrary to the policy of the RCF of Pay Cash-Carry Basis. The investigating agency had quantified the scam at Rs 50 lakh.
The case came to the fore only after Venkatesans retirement,and after a legal sanction in 1998 a case was registered against the four accused. Ramrakhianis case has been separated from the rest.