Four years rigorous imprisonment with fine for causing loss of Rs. 2.01 crore

New Delhi, April 25, 2014 : The Special Judge for CBI cases, Dwarka Court, New Delhi has convicted Bhima Raju Prasad, then Regional Manager, Rashtriya Ispat Nigam Ltd., Visakhapatnam Steel Plant, New Delhi; A.K. Gupta then Manager (Marketing) Rashtriya Ispat Nigam Ltd., New Delhi; Anil Verma Proprietor of M/s Verma Transport Co. Delhi and Avinash Chander Chanana (private person) a resident of Delhi for causing an alleged loss of Rs. 2.01 crores (approx) to Govt Exchequer. Bhima Raju Prasad & A.K. Gupta were sentenced to undergo four years Rigorous Imprisonment with total fine of Rs. 15 Lakhs; Anil Verma to undergo four years Rigorous Imprisonment with total fine of Rs.1.05 crore and A.C. Chanana to undergo four years Rigorous Imprisonment with total fine of Rs. 10 Lakhs.

CBI had registered a case on 4.1.2001 against Bhima Raju Prasad, then Regional Manager, Rashtriya Ispat Nigam Ltd., Visakhapatnam Steel Plant, New Delhi and others. The allegations under investigation were that the said accused persons had entered into a criminal conspiracy for causing wrongful loss to the tune of Rs. 2.01 crores (approx) to Visakhapatnam Steel Plant and corresponding gain for themselves & others.  In furtherance of the said criminal conspiracy, the accused public servants dishonestly & fraudulently recommended and managed to get exorbitant increase in the rates of handling & transportation contract awarded to M/s Verma Transport Company Delhi from Rs. 30 per metric tonne to Rs. 140 per metric tonne on the pretext of union fee/charges.

After thorough investigation, a chargesheet was filed on 20.5.2002 U/s 120-B of IPC r/w 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 against S/Bhima Raju Prasad; A.K. Gupta; Anil Verma and A.C. Chanana.

The Special Judge for CBI cases, Dwarka Court, New Delhi has found the accused persons guilty of the chargesheeted offences and convicted them.  All the accused have been sent to judicial custody.