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National
HUDCO: CBI conducts raids
Special Correspondent
NEW DELHI: The Central Bureau of Investigation on Wednesday conducted searches at several locations in Delhi, Gurgaon and Hyderabad following the registration of a case against a former Chairman-cum-Managing Director of the Housing and Urban Development Corporation. He allegedly misused his position to favour to an ineligible company in the sanction of Rs. 2,364 lakh under the “Take out Finance-cum-Project Loan.”
HUDCO officials reportedly granted the loan to the company, whose record is dubious and financial viability doubtful. It earlier defaulted on payment to the previous lender and the loan was declared a non-performing asset.
Further, the HUDCO officials sanctioned the loan though it was rejected at the regional level.
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