CBI begins preliminary probe into Rs 9,000 cr J&K hydro project

The Central Bureau of Investigation (CBI) has started preliminary enquiry into allotment of a Rs 9,000 crore hydro power project in J&K, allegedly done by flouting all central government guidelines governing such allotments, according to top sources.

The proposed 1,540 MW Kiru hydro power project is to be completed in two stages, with stage one costing Rs 4,948.26 crore and stage two Rs 4,287.59 crore.

The complaint being probed by the CBI alleged that the Chenab Valley Power Projects (CVPPL) allotted the project in grave violation of rules and guidelines and was done under the influence of some top bureaucrats, top sources told agencies.

The CVPPL allotted the project for execution to a joint venture company and the allotment violated the central government’s guidelines, set out in Goland CVC guidelines, it was alleged in the complaint.

The CVPPL board of directors had cancelled the tender process with specific reasons. “A powerful lobby within the J&K administration forced the corporation for re-allotment of the cancelled tender after over-ruling resistance from within the board. A senior bureaucrat who recorded his dissenting note against re-allotment was transferred on January 3, 2020,” said the complaint.

After cancelling the tender process, the board had no legal authority to re-allot it and that too through a manual process, it has been alleged.

“Even when the process of re-allotment of cancelled tender was marred by violations and irregularities, the authorities released a huge amount as mobilisation advance to the beneficiary company,” says the complaint.

The CBI has been requested in the complaint to seize records with regard to the tender evaluation and re-allotment to prevent those involved from tampering or destroying them.

It’s believed once the CBI investigation reaches its logical conclusion, many skeletons could tumble out of the cupboard of the Union Territory’s administration.

(Indian PSU: All about Indian Public Sector Undertakings. Follow @IndianPSUs for all the News & Views on PSUs, Corporates, Markets, Bureaucracy, Public Policy)

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