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CBI unearths major financial scam in NSIC

By R DUTTA CHOUDHURY
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GUWAHATI, March 17 - At a time when the Assam government has been trying to give a boost to industrialisation in the State, the Central Bureau of Investigation (CBI) has unearthed a major scam in the National Small Industries Corporation (NSIC) and registered a case against several senior officers of the corporation, including the former zonal head of the organisation.

The CBI has already completed a preliminary probe into the scam and filed a formal FIR. As per the FIR, the preliminary investigation into the case found that the scam took place between 2011 and 2016 and the government lost a substantial amount of revenue because of the irregularities. The FIR said that DP Ghatak, the then senior branch manager and PN Sharma, the then accounts head of the NSIC Limited, Guwahati branch office, allowed to exceed bank guarantee limits to 21 different private units which have availed benefits under the raw material assistance scheme. The officials violated the laid down guidelines of the NSIC and caused �wrongful loss� to the tune of Rs 592.88 lakh. The officials also regularly made false entries in the software to ensure that the outstanding amount of the private enterprises does not exceed the bank guarantee limit, the CBI FIR said.

The FIR revealed that Ghatak, Sharma and A Baruah, the then manager of the business development and recovery section of the NSIC, Guwahati, had manipulated and forged annexure statements maintained in the raw material assistance scheme software in the monthly reports to hide the outstanding balance of the industrial units.

The raw material assistance scheme aims at helping the micro, small and medium enterprises (MSMEs) by way of financing the purchase of raw material (both indigenous and imported). This gives an opportunity to MSMEs to focus better on manufacturing quality products. But the rate of interest of the outstanding amounts increases considerably after 90 days and it increases further after 270 days.

The FIR further revealed that the accused NSIC officers credited the money in the loan accounts of the enterprises without actually receiving the money to reduce the outstanding balance. This also led to huge loss in the NSIC.

The CBI FIR further pointed out that JK Mahanta, the then zonal head of the NSIC also violated the laid down guidelines by allowing raw material assistance to units for more than 360 days. It is also alleged that the junior officers manipulated the software and monthly reports on the direction of Mahanta so that the actual outstanding balance of the industrial units remained lower than the bank guarantee value.

After completing the preliminary investigation, the CBI registered a case against the accused officers of the NSIC under Sections 120(B), 420, 468, 471 and 471(A) of the IPC and under different Sections of the Prevention of Corruption Act.

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CBI unearths major financial scam in NSIC

GUWAHATI, March 17 - At a time when the Assam government has been trying to give a boost to industrialisation in the State, the Central Bureau of Investigation (CBI) has unearthed a major scam in the National Small Industries Corporation (NSIC) and registered a case against several senior officers of the corporation, including the former zonal head of the organisation.

The CBI has already completed a preliminary probe into the scam and filed a formal FIR. As per the FIR, the preliminary investigation into the case found that the scam took place between 2011 and 2016 and the government lost a substantial amount of revenue because of the irregularities. The FIR said that DP Ghatak, the then senior branch manager and PN Sharma, the then accounts head of the NSIC Limited, Guwahati branch office, allowed to exceed bank guarantee limits to 21 different private units which have availed benefits under the raw material assistance scheme. The officials violated the laid down guidelines of the NSIC and caused �wrongful loss� to the tune of Rs 592.88 lakh. The officials also regularly made false entries in the software to ensure that the outstanding amount of the private enterprises does not exceed the bank guarantee limit, the CBI FIR said.

The FIR revealed that Ghatak, Sharma and A Baruah, the then manager of the business development and recovery section of the NSIC, Guwahati, had manipulated and forged annexure statements maintained in the raw material assistance scheme software in the monthly reports to hide the outstanding balance of the industrial units.

The raw material assistance scheme aims at helping the micro, small and medium enterprises (MSMEs) by way of financing the purchase of raw material (both indigenous and imported). This gives an opportunity to MSMEs to focus better on manufacturing quality products. But the rate of interest of the outstanding amounts increases considerably after 90 days and it increases further after 270 days.

The FIR further revealed that the accused NSIC officers credited the money in the loan accounts of the enterprises without actually receiving the money to reduce the outstanding balance. This also led to huge loss in the NSIC.

The CBI FIR further pointed out that JK Mahanta, the then zonal head of the NSIC also violated the laid down guidelines by allowing raw material assistance to units for more than 360 days. It is also alleged that the junior officers manipulated the software and monthly reports on the direction of Mahanta so that the actual outstanding balance of the industrial units remained lower than the bank guarantee value.

After completing the preliminary investigation, the CBI registered a case against the accused officers of the NSIC under Sections 120(B), 420, 468, 471 and 471(A) of the IPC and under different Sections of the Prevention of Corruption Act.

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