CBI raids RINL director's premises, assets of Rs 1.2 cr found

New Delhi, Apr 4 (UNI) The CBI conducted raids on the premises of Rashtriya Ispat Nigam Limited (RINL) Executive Director G B S Prasad and unearthed assets worth about Rs 1.2 crore disproportionate to his known sources of income.

The raids were conducted at four different places in Visakhapatnam and Hyderabad and immovable properties, cash deposits and jewellery worth about 1.2 crore were seized.

The CBI's Visakhapatnam branch had registered a regular case against the accused under the Prevention of Corruption Act, 1988.

During the search, a CBI release said six bank accounts containing Rs 41.21 lakh, two bank lockers and jewellery were seized.

The properties were either in his name or in the name of his wife and children.

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