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CBI files FIR against Usha India officials

By A Correspondent

August 19: The Central Bureau of Investigation, has registered a case against chairman of Usha India Ltd Vinay Rai, and vice chairman Anil Rai and two other executives of the company for allegedly cheating the Industrial Finance Corporation of India of Rs 447.5 million during 1997-2000 by misutilising the funds received from it.

The FIR, which was registered by the Special Investigation Group of the investigating agency on 1 August, also named the company's MC Gupta, the company's managing director, JR Gupta, director, Suresh Gupta, Sohan Lal Garg and certain officials of IFCI.

The accused executives of Usha India, earlier known as Usha Rectifier Corporation Ltd, allegedly entered into a criminal conspiracy between themselves and some officials of IFCI and others with a view to causing a wrongful loss to IFCI and a corresponding wrongful gain to themselves, the FIR said.
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