NTPC case: CBI team to go UK

6 December 2009,

NEW DELHI: A CBI team will soon go to the UK to get
 details about the bank account of an Indian firm a
leged to have received about Rs 120 crore 
as kickback from a Russian company for providing
“consultancy” in bagging the Rs 8,600-crore super
thermal power contract project of NTPC in Barh
in Bihar.

Official sources said the team would soon leave for
London for holding consultation with the Crown Prosecution
Service (CPS) officials and Scotland Yard sleuths to
understand the complete chain of money transactions
and the associates of the firm M/S Ravina Associates Pvt Ltd.

The account of the firm is in NATWEST bank, which was frozen
by the CPS after the CBI requested for the same. It belongs
to the firm which was providing “consultancy” service to the
Russian company — Technopromexport — which bagged the contract
in the 1,980 MW (660MWx3) Barh power project in February 2005.

The Indian company had approached a CBI court here to seek
lifting of restraint order on the bank account so that it
could pay the demand of Rs 44.31 crore raised by the Income
Tax department on the firm. However, the plea was turned down
by the court which also imposed Rs 20,000 on the firm for
“having wasted its time in an attempt to bring back prima facie
 illegitimate money, which belonged to the tax payers and had
found its way to the account.”

CBI, which registered a case against unknown officials of NTPC
 and others in February 2006, had alleged that during 2002-05
the NTPC had entered into three contracts with TPE Russia and
transferred $53.63 lakh to it as advance money. Out of this,
the Russian firm is alleged to have transferred $10.37 lakh and
 $10.37 lakh to M/s Ravina Associates Pvt Ltd at Natwest Bank on
May five and May 18, 2005 respectively.

The CBI alleged that the money was paid by TPE Russia to the Indian
firm as commission equalling a percentage of the contract.

NTPC hadgiven the contract to TPE in 2005, when the PSU was headed by C P Jain,
 for supplying equipment to a power project in Bihar.

Source:PTI