CBI registers FIR against former CMD of Indian Railway Finance Corporation over alleged financial irregularities

New Delhi [India], September 4 : The Central Bureau of Investigation has registered a case against Amitabha Banerjee, former CMD of Indian Railway Finance Corporation (IRFC) in connection with irregularities in the purchase and distribution of exorbitant gold and non-gold items from funds of IRFC.
The FIR into the matter reads that CBI has received a complaint that alleges financial embezzlement on the part of officials of IRFC including Amitabha Banerjee, the then CMD of IRFC (Indian Railway Finance Corporation) in connection with procurement/purchase and distribution of exorbitant gold and non-gold items from funds of IRFC.
It further reads that vigilance, Railway Board scrutinized two files of IRFC and recorded statement and revealed serious irregularities with respect to procurement and distribution of gold and non-gold items.
The extent of embezzlement is not provided in the complaint. The complaint alleged that private persons are also involved.
The case was registered under IPC sections 120B, 406, 409 and Prevention of Corruption Act.
Clarifications were sought from IRFC by Railway Board Vigilance. Despite all efforts, IRFC officials led by the then CMD of IRFC Amitabha Banerjee did not provide the list of beneficiaries of these gold and non-gold corporate gift items.
Further, no SOP or laid down procedure for the purchase and distribution of such costly items was provided by IRFC officials.
In his explanation, Banerjee stated, "No list of beneficiaries of such mementoes and gifts distributed to dignitaries is generally maintained by any organization in our ecosystem, to the best of our knowledge and IRFC follows the industry best practices in all respects."
Banerjee was also named by CBI as one of the prime accused in the corruption case at Hindustan Paper Corporation Limited (HPCL) in March 2019.