Odisha demands report from Idco on Rs 52,000-cr land scam

Written by fe Bureau | Bhubaneswar | Updated: Jun 30 2014, 08:15am hrs
Odishas industry minister Debi Prasad Mishra has sought a factual report from Industrial Infrastructure Development Corporation (Idco) on the R52,000-crore industrial land mortgage scam.

The Comptroller & Auditor General (CAG) of India has rapped Idco for issuing a no-objection certificate (NOC) to industrial houses, enabling them to mortgage industrial land to raise R52,500-crore loans from various banks.

The minister called for a report from Idco, after the opposition parties demanded a CBI probe into the matter.

Meanwhile, several industry bodies have expressed fears that the controversy would further complicate the process of getting loans.

The North Odisha Chamber of Commerce & Industries, which is leading the forum that also has Odisha Industries Federation, Odisha Assembly of Small & Medium Enterprises and Odisha Young Entrepreneurs Association, said there were no irregularities in Idco giving the NOC. Moreover, the state has already amended the Idco act, empowering the government to issue NOCs.