`BEML-Midwest probe may get over in 2 weeks`
The Andhra Pradesh CID said it is likely to complete its probe into allegations and counter allegations made by suspended Chairman and MD of BEML VRS Natarajan and K Raghava Reddy on cheating and misuse of funds in two weeks.
Hyderabad: The Andhra Pradesh CID said it is likely to complete its probe into allegations and counter allegations made by suspended Chairman and MD of BEML VRS Natarajan and K Raghava Reddy, the chairman of its joint- venture partner Midwest Granite, on cheating and misuse of funds in two weeks.
According to Additional Director General of CID S V Ramana Murthy, the probe is in the final stages and they are in consultation with the legal department on certain issues.
"We have reached final stages. Inspector General of Police (CID) who is in-charge of the case is expected to submit report in 15 days," Ramana Murthy told PTI today.
According to CID officials, the Hyderabad Police have first received a complaint from BEML in 2008 on certain irregularities committed by its joint-venture partner Midwest.
The entire facts and record available with the investigating authorities reveal Raghava Reddy and his associates in connivance with the Senior Vice-President of JV manipulated, fabricated the records and diverted the funds, putting the joint-venture operations to a grinding halt, BEML had claimed in a statement.
Raghava Reddy was not available for comments.
Later in 2010, the Midwest group chairman submitted a memorandum to the CID.
The CID clubbed both BEML complaint and Raghava Reddy`s memorandum and took up the investigation.
In 2007, BEML formed a joint venture company with Midwest Granite Limited and Pt Sumber Mitra Jaya (Indonesia) to take up contract minings within India and overseas.
The joint venture company is called BEML-Midwest Limited and the company would bid for coal and other mining contracts in India and abroad, BEML had said after the joint venture was formed.
The joint venture, however, fell apart due to difference cropping up among the partners with accusations and counter accusations.
The Defence Ministry suspended Natarajan today in connection with the controversial Tatra case on a CBI recommendation after former Army Chief Gen VK Singh levelled allegations that he was offered Rs 14 crore bribe to clear a deal for 600 trucks.