MUMBAI: Indian authorities have opened an investigation into the heads of two leading fertilizer importing companies, alleging they secured commissions from overseas suppliers for inflating the prices of crop nutrient purchases.
The CBI said searches were being carried out at the offices and residences of the two men in a dozen locations across India. In the CBI's statement, it alleged that Awasthi, Gahlaut, members of their families and several others received kickbacks of tens of millions of dollars.The CBI statement alleged that between the periods of 2007 and 2014, the accused cheated and defrauded IFFCO, IPL, their shareholders and the government by"fraudulently importing fertilizers and other materials for fertilizer production at inflated prices.