New Delhi: The Central Bureau of Investigation has registered a case on the basis of references from Ministry of Chemical & Fertilizer, Department of Fertilizers, (Govt. of India) and also on other information, against then MD & CEO, Indian Farmers Fertilizer Co-operative Ltd. (IFFCO); then MD, Indian Potash Ltd. (IPL); two Promoters of a private company; President, Promoter, Senior Vice President of a Dubai based company & its Employees; a Chartered Accountant/Promoter of other private company and others, including unknown Directors of IFFCO.
It was alleged that IFFCO and Indian Potash Limited have been importing huge quantities of fertilizers running into several thousands of MTs and raw materials for fertilizers from various foreign suppliers. It has been stated that the fertilizers are supplied to the farmers in India and the Government of India has been providing subsidy on fertilizers to facilitate supply of fertilizers to the farmers at reasonable rates. It was also alleged that in order to cheat Govt. of India by claiming higher subsidy, these officials of IFFCO and Indian Potash Limited have been importing fertilizers and raw materials through M/s. Kisan International Trading FZE in Dubai (a subsidiary of IFFCO) and other middlemen at highly inflated rates covering the commission meant for the accused including then MD of IFFCO & then MD of Indian Potash Ltd, which was paid / transferred by the Overseas Suppliers to the accused officials through sham transactions involving the said accused .
Searches are being carried out at the office & residential premises of accused in 12 locations including Delhi, Gurgaon, Mumbai and other places.