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CBI continues inquiries in Rs 60 cr cotton scandal

Written by: Staff
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Guntur, Apr 8 (UNI) CBI officers continued their inquiry into the Rs 60 crore Cotton Corporation of India (CCI) purchase scandal.

They visited several banks and checked the accounts of CCI officers, buyers and cotton merchants.

It is alleged that some CCI officers purchased 3.6 lakh quintals of substandard cotton from merchants, masquerading as cotton growers. CCI could not find buyers for the poor quality cotton, resulting in loss of Rs 60 crore.

Four months ago, CBI searched the palatial mansion of a top officer of CCI here in his absence and seized some incriminating documents.

As cotton prices crashed last year, the CCI entered the market and purchased cotton from distressed growers. However, dishonest CCI officers, in collaboration with cotton merchants, subverted the programme.

UNI XR SHB GC1312

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