ED unearths bribe racket involving top executives of 40 PSUs, banks & companies
The Enforcement Directorate has uncovered a massive bribery racket involving executives from 40 public sector undertakings and banks who laundered CSR funds through fake charities. The scheme was orchestrated by a fake doctor who converted corporate donations into unaccounted cash for a commission.
Why it matters
This investigation exposes significant systemic corruption within public sector financial management and the misuse of corporate social responsibility funds.
NEW DELHI: Enforcement Directorate has unearthed a bribery racket involving top executives of at least 40 public sector undertakings and government banks, besides some corporate houses engaged in siphoning off and laundering hundreds of crores of corporate social responsibility (CSR) funds channelled through multiple charities promoted by a class XII dropout, who has been caught impersonating as a medical doctor for close to three decades.According to ED, the fake doctor, Dharmendra Kumar Chandradev, received CSR donations in his multiple trusts registered for the purpose of laundering money meant for charity and exempted from taxation. These funds were further returned back to the "donor" in cash, after retaining his commission. The racket involved some corporate houses, hospitals, public sector companies and govt banks.
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