PALAKKAD: Industrialist V M Radhakrishnan, an accused in the case related to the irregularities in the supply of fly ash to the Malabar Cements Ltd (MCL), surrendered before the Vigilance authorities here on Monday.
The authorities recorded the arrest and produced him in the Thrissur Vigilance Court after preliminary interrogation. The Kerala High Court had dismissed Radhakrishnan’s plea for anticipatory bail and directed him to appear in person before the investigating officers within a week.
The court said it would consider the bail petition when he is presented in court by the probe officers.
There are four accused in the case, including former managing director of MCL Sundaramoorthy, legal officer Prakash Joseph, executive director of ARK Wood and Metals Ltd S Vadivelu and promoter of ARK Wood and Metals Ltd V M Radhakrishnan.
ARK Woods and Metals Ltd, promoted by V M Radhakrishnan, had entered into a contract with the public sector undertaking for the supply of fly ash for a period of nine years. However, the MCL management discontinued the purchase as the fly ash supplied was of inferior quality.
It also withheld the bank guarantee of `50 lakh. However, after four years, ARK Wood and Metals Ltd managed to withdraw the bank guarantee amount along with interest.
The case was that MCL incurred a loss of `52.5 lakh following the withdrawal of the amount. The accused officials allegedly connived with ARK Wood and Metals Ltd to release the amount.