The Central Bureau of Investigation (CBI) filed a case of cheating and corruption against Pramod Mittal and 20 others for allegedly causing a loss of about Rs 2,112 crore to State Trading Corp (STC). Mittal was chairman of Global Steel Holdings Ltd, while the other accused include some of the top officials of STC.
According to a complaint filed by the state-run STC, Mittal committed criminal breach of trust as he failed to make payments as per terms and conditions of the agreement with STC. The STC had arranged export of raw material for new steel plants of Global Steel Philippines Inc (GSPI) in the Philippines and Bosnia and also opened a line of credit for the company, the complaint alleged.
Despite irregular payments and piling up of credit, STC officials allegedly renewed the line of credit to the company. The cheques given by Global Steel Holdings and its subsidiary Global Steel Philippines to STC were allegedly dishonoured resulting in loss of Rs2,112 crore to the public sector undertaking, the complaint alleged.
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By IndianMandarins - 2017-03-23 10:17:27
The Central Bureau of Investigation (CBI) filed a case of cheating and corruption against Pramod Mittal and 20 others for allegedly causing a loss of about Rs 2,112 crore to State Trading Corp (STC). Mittal was chairman of Global Steel Holdings Ltd, while the other accused include some of the top officials of STC.
According to a complaint filed by the state-run STC, Mittal committed criminal breach of trust as he failed to make payments as per terms and conditions of the agreement with STC. The STC had arranged export of raw material for new steel plants of Global Steel Philippines Inc (GSPI) in the Philippines and Bosnia and also opened a line of credit for the company, the complaint alleged.
Despite irregular payments and piling up of credit, STC officials allegedly renewed the line of credit to the company. The cheques given by Global Steel Holdings and its subsidiary Global Steel Philippines to STC were allegedly dishonoured resulting in loss of Rs2,112 crore to the public sector undertaking, the complaint alleged. 
