CBI books TTPL MD, former MD in loss of Rs 120 crore due to consultant hiring

The Kerala government's PSU Travancore Titanium Products Limited (TTPL) has filed a formal complaint (FIR) with the Central Bureau of Investigation (CBI) against the managing director and other individuals over losses of Rs 120 crore allegedly incurred from hiring 'MECON, Ranchi, Uttaranchal' as a consultant in 2004.

The former managing director of TTPL, Eapen Joseph, is also named in the recently filed FIR. In order to provide consulting services for the installation of a pollution control plant, "MECON, Ranchi, Uttaranchal" was engaged.

According to the CBI, Joseph engaged in criminal misconduct and misused his official position to join forces with two other officials at the time, Santosh Kumar, the top manager of marketing, and AM Bhaskaran, the executive director, in a criminal conspiracy.

The FIR, filed on the Kerala High Court's orders, claimed that they hired "MECON, Ranchi, Uttaranchal," a PSU under the steel ministry, as a consultant at a cost of Rs 9 crore rather than the agreed-upon Rs 3.5 crore.

The MD of TTPL is listed as the primary culprit in the FIR, but the name is withheld.