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Rs. 5.37 cr. fraud case against Sponge Iron official

HYDERABAD: The Central Bureau of Investigation’s anti-corruption wing on Tuesday registered a case of fraud against M.V.V. Satyanarayana, deputy manager (chemical), Sponge Iron India Ltd, at Palvancha, in Khammam district, and seven other private firms.

A press release issued by CBI here stated that the officer, in conspiracy with the seven private firms during 2006-08, abused his position and caused wrongful loss of Rs.5.37 crore to SIIL, the release added.

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