Kochi: Dubai-based developer, TECOM, which is engaged in developing the SmartCity project in Kochi, has launched a detailed scrutiny and auditing following allegations of misappropriation of funds.
According to reports, the irregularities amounting to the tune of Rs 30 core have been taken place during the tenure of previous CEO.
It was found that low-quality steel and other building materials were used for the construction.
Smart City (Kochi) Infrastructure Ltd is a joint venture company formed to develop the Kochi Smart City project with government holding 16 per cent share and TECOM Investments 84 per cent share.