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CBI indicts FACT chief general manager

There appears to be no respite for trouble as far as FACT is concerned. Close on the heels of raids at offices and residences of company officers, the CBI has registered a case against chief general manager Sreenath V Kamath for possessing disproportionate assets. 

Published: 18th March 2017 01:16 AM  |   Last Updated: 18th March 2017 05:38 AM   |  A+A-

By Express News Service

KOCHI: There appears to be no respite for trouble as far as FACT is concerned. Close on the heels of raids at offices and residences of company officers, the CBI has registered a case against chief general manager Sreenath V Kamath for possessing disproportionate assets. 


The searches were conducted to investigate a case related to irregularities in gypsum sales. CBI officers said when Kamath’s residence was raided, several fixed deposit documents in his name as well as in the name of relatives were unearthed. This led to an inquiry about his assets and a case was registered. 


“We had received receipts of 34 fixed deposits, eight LIC policies and other deposits in his name and in the name of his relatives,” said a CBI officer.


Investigators found Kamath had allegedly acquired assets worth Rs 40 lakh disproportionate to his known sources of income. When he owned movable assets of Rs 49,24,096 in 2014, his assets were worth Rs 1.05 crore in 2016, says the FIR.

His income between 2014 and 2016 was Rs 35,76,410 while expenditure in the same period was Rs 19,07,698. This reveals he allegedly owned disproportionate assets worth Rs 40,04, 704, amounting to 111.97 per cent of his total income.A case has been registered under section 13(2) and 13(1)(e) of the Prevention of Corruption Act.

More from Kochi.

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