Homi Rajvansh was at the centre of tie up business losses that reduced nafed to a poor shadow of its past, has been arrested from Agra.
Rajvansh was arrested by CBI which is investigating the case of tie up losses to the tune of Rs 3600 crore in agri cooperative Nafed.
There are many cases in the entire episode and Homi Rajvansh has been arrested for allegedly cheating NAFED to the tune of over Rs 167 crore.
Rajvansh is an Indian Revenue Service officer of 1985 batch. He was Additional Managing Director at the NAFED in 2005. He is said to have connived with black listed companies and issued loans with out seeking collaterals.
Four more people were arrested along with Rajvansh. Lalit Mohan, proprietor of Roshan Lal Lalit Mohan; Vinod Gupta, Joint MD, Zenith Mining Pvt Ltd; S K Jain, CMD of Reliance Polycrete Ltd and Daulat Singh Chauhan, CEO of ITM Impex Pvt Ltd, New Delhi are those arrested in the case.
Mohan was arrested for allegedly cheating NAFED of 59 crore and Gupta for allegedly cheating the federation of 90 crore. Jain and Singh allegedly cheated NAFED of Rs 18.33 crore.