CBI has registered a case against former Union textiles minister Shankarsinh Vaghela and five others for selling over 27,000 square metre of prime National Textile Corporation property in Mumbai to a private company allegedly at “throwaway prices”, causing loss of over R700 crore to the exchequer.
CBI sources said, after an year-long inquiry, the agency has registered an FIR under IPC sections related to criminal conspiracy and cheating and provisions of the Prevention of Corruption Act concerning criminal misconduct.
Besides former Gujarat chief minister Vaghela, those named in the FIR are the then chairman-cum-managing director of National Textile Corporation K Ramachandran Pillai, its the then director (technical) R K Sharma, senior manager (legal) M K Khare and a Kolkata-based private firm and its director, the sources said.
Soon after registering the FIR, CBI on Wednesday carried out searches at the residence of Vaghela in Gandhinagar, houses of Pillai, Sharma and Khare here, offices of NTC here and in Mumbai and the residence of the private company director in Kolkata.
The case pertains to the sale of NTC property in the posh Worli area of Mumbai to the Kolkata-based firm at a meagre Rs 29.35 crore. It is alleged during UPA regime, Vaghela had overruled recommendations of his ministry officials, the CBI sources said.