Now Reading: CBI probes Rs 95 crore PMDO fraud, names Hyderabad EPC firm
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CBI probes Rs 95 crore PMDO fraud, names Hyderabad EPC firm
The Times of India reports that the CBI has registered a case against Rajahmundry-based Yuvaraj Power Projects and 15 others over an alleged Rs 95.2 crore Pooled Municipal Debt Obligation (PMDO) fraud.…
The Story in Brief
The Times of India reports that the CBI has registered a case against Rajahmundry-based Yuvaraj Power Projects and 15 others over an alleged Rs 95.2 crore Pooled Municipal Debt Obligation (PMDO) fraud. Funds sanctioned for solid waste composting and a 13 MW power plant were allegedly diverted through circular transactions. Of the Rs 88.2 crore disbursed, Rs 59.5 crore was transferred to a Gachibowli account of Pratham Envirotech Engineers. The FIR also names unidentified public servants under the Prevention of Corruption Act. The complaint was filed by IIFCL, which is owed Rs 20.6 crore.
The Indian Opinion
The CBI case is one more reminder of how public money meant for infrastructure gets trapped in layered transactions. But before the outrage, remember that the FIR is only an allegation. The accused include auditors and public servants, which means accountability must be tested in court, not just in headlines. The real test will be whether the investigation can trace the ultimate beneficiaries of the circular transfers and prove criminal intent beyond a reasonable doubt.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
