The Central Bureau of Investigation (CBI) has initiated a fresh case against former PEC Chairman and Managing Director, Arun Kumar Mirchandani, and several other ex-officials. They are accused of causing a loss of Rs 194.61 crore to PEC, a government enterprise under the Ministry of Commerce. The case centers on KS Oils, which allegedly received financial assistance from PEC Ltd for importing crude edible oil under the foreign letter of credit (FLC) process. KS Oils secured financing through seven letters of credit but failed to meet their obligations, leaving PEC to bear the outstanding dues. The CBI also implicates Mirchandani for approving the release of goods against post-dated cheques and increasing KS Oils’ financial limit based on inadequate collateral. Other former officials and KS Oils’ managing director are also named in the FIR.
CBI Files New Case Against PEC’s Former Chief and Others for Rs 194.61 Crore Loss
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