CBI sleuths conducted raids on Rourkela Steel Plant General Manager (Material Management) PK Paramanik’s official residence and on the Bhagawati Associates’ office here on a fraud charge.Source said the RSP had purchased an Electro Moto Vibrator from Thane-based Wam India Private ltd through the Bhagawati Associates, Rourkela. The machine was purchased at Rs58 lakh while its actual cost was Rs5 lakh.
It was alleged that the price was exaggerated in the connivance of the GM (MM), his other subordinate staffs, Bhagawati Associates and Wam India Private limited. Sources said a simultaneous raid was conducted on the Wam India Private ltd’s office at Thane by the CBI. A preliminary enquiry had earlier been conducted in December, and after the Wednesday raid, a formal case has been lodged, sources added.