Mumbai official held for bungling Rs 90 lakh

NEW DELHI, Aug 10: The Central Bureau of Investigation (CBI) has arrested a Mumbai based senior officer of Metal Scrap Trade Corporation (MSTC) on charges of misappropriating about Rs 90 lakhs worth of Government funds.

The officer, V Chandrashekhar, from the finance and accounts department of MSTC’s western region office, was remanded to CBI custody till August 14.

Chandrashekhar used to unauthorisedly sell DDs and POs to certain parties instead of depositing them in MSTC’s bank account. These parties then sent the same DDs and POs for other tenders floated by MSTC, CBI alleged.