CBI Raids ARSS Infra Over Rs 62 Cr Financial Embezzlement

Bhubaneswar: The Central Bureau of Investigation (CBI) on Wednesday raided the headquarters of ARSS Infrastructure at Mancheswar here in connection with financial embezzlement to the tune of Rs 62 crore.

Simultaneous raids were also carried out by the officials of the central investigating agency at the house of the company’s director at Nayapalli here, besides five other places.

According to sources, the company had allegedly taken a loan amounting to Rs 62 crore from a bank for a construction project. However, it did not take up the project and also failed to return the money borrowed from the bank.

Basing on a complaint lodged by the bank officials, the CBI had moved court seeking permission to conduct raids on the house and office of the company’s director. After receiving the green light from the court, the agency raided these places.

Several important documents and papers were verified during the raid, CBI sources said.