Rajvansh, an Indian Revenue Service officer of 1985 batch, who was posted as additional MD at the Nafed in 2005 allegedly connived with private parties and issued loans without seeking any collaterals, according to the agency.
The agency also arrested four others who allegedly connived with Rajvansh in the cheating case.
Those arrested include Lalit Mohan, proprietor of Roshan Lal Lalit Mohan; Vinod Gupta, joint MD, Zenith Mining Pvt Ltd; S K Jain, CMD of Reliance Polycrete Ltd and Daulat Singh Chauhan, CEO of ITM Impex Pvt Ltd, New Delhi.
The CBI claimed that Mohan was arrested for allegedly cheating of R59 crore and Gupta for R90 crore. Jain and Singh allegedly cheated Nafed of R18.33 crore.