Rs.4.64 billion MSTC fraud - CBI nabs three

Mumbai, May 2 (IANS) The CBI has arrested three more officials of the Mineral Scrap Trading Corp (MSTC), a central government mini ratna firm, for allegedly cheating and causing losses Rs.4.64 billon loss to the exchequer, an official said Wednesday.

Two officials - MSTC Kolkata's former chairman and managing director Malay Sengupta and former chief general manager in the same office - were nabbed last week from Kolkata.

Shailendra Kumar Sinha of Advance Solutions India Pvt Ltd, an MSTC insurance consultant, was nabbed from New Delhi.

They were produced before a Central Bureau of Investigation special court in Mumbai Wednesday. It remanded them to police custody till May 10, the official said.

The trio's role was uncovered during investigation into the MSTC and Pen Urban Co-Operative Bank Ltd in Raigad district of Maharashtra.

Earlier, the CBI had registered a case in 2010 and arrested six main accused.