FIR against Usha India officials
By A Correspondent August 19: The
Central Bureau of Investigation, has registered a case against
chairman of Usha India Ltd Vinay Rai, and vice chairman Anil Rai and
two other executives of the company for allegedly cheating the
Industrial Finance Corporation of India of Rs 447.5 million during
1997-2000 by misutilising the funds received from it.
FIR, which was registered by the Special Investigation Group of the
investigating agency on 1 August, also named the company's MC Gupta,
the company's managing director, JR Gupta, director, Suresh Gupta,
Sohan Lal Garg and certain officials of IFCI.
executives of Usha India, earlier known as Usha Rectifier
Corporation Ltd, allegedly entered into a criminal conspiracy
between themselves and some officials of IFCI and others with a view
to causing a wrongful loss to IFCI and a corresponding wrongful gain
to themselves, the FIR said.