CBI searches NSEL offices for irregularities

The CBI Thursday carried out searches at 15 locations across the country, including NSEL offices, in a case of alleged irregularities in investments by state-run trading company PEC, causing a loss of Rs.120 crore.

The searches were carried out at four locations in Mumbai, two in Karnal and nine in Delhi, said a CBI official.

"The searches were carried out after the agency registered a case of alleged criminal conspiracy to cheat a public sector unit (PEC) in the matter of floating fraudulent paired contracts for trading of agro commodity on the platform of NSEL, without actually undertaking any genuine trade", added the official.

The searched locations included residential premises of five PEC officials and two of National Spot Exchange Ltd. (NSEL) officials.

"Seven offices of NSEL and six of its counterpart in PEC transactions are being searched as part of the operation," the official said.

The agency has registered a case of criminal conspiracy, cheating and forgery under relevant sections of the Prevention of Corruption Act.