Officers of the Central Bureau of Investigation (CBI) and a Kolkata-based bank seized documents of the Maheswary Ispat ltd’s steel plant at Rampei under the Khuntuni police station on Thursday.
While company manager Sheikh Barkat Ullah assisted the raiding officers in their operation, the officers refused to reveal anything for the sake of ongoing investigation.
It was, however, assumed that the company had availed crores of rupees from several banks for running its plant but did not refund any amount to the banks and borrowers. Unofficially, an officer told this paper that the company has borrowed about Rs 500 crore and has not repaid any amount. On the allegations from the financers, the CBI undertook the raid to unearth the alleged fraud.
However, the company has remained closed since two years on ground of reported forgery. It had dug several bore-wells to collect water for running the plant allegedly deviating from its MoU, for which the local administration was forced to seal the plant.