New CBI case against ex GAIL director Ranganathan

New Delhi: Former GAIL director ES Ranganathan has been named in a new case filed by CBI on alleged amassment of assets of more than Rs 4.82 crore. The said disproportionate amassment was done during 2017-22, PTI reported citing the official's Monday account.

In January, the former director (Marketing) at GAIL Ranganathan has arrested in a case of alleged bribery of over Rs 50 lakh for giving discounts to private companies buying petrochemical products marketed by the Maharatna PSU, officials said.

CBI held raids at Ranganathan's Noida residence and recovered more than Rs 1.29 in cash and documents holding details of assets that the agency was scanning.

Ranganathan joined GAIL in 1985 and also served as managing director in the Indraprastha Gas Limited (IGL) from 2016-20 before returning to GAIL as executive director, and was later elevated to the director (marketing) when he was arrested and subsequently suspended from service.

Post the scrutiny of the recovered documents, CBI lodged a case against him alleging that he "during his posting in IGL and GAIL (India) Ltd has intentionally enriched himself illicitly and acquired assets (both movable and immovable) by corrupt and illegal means in his name and the name of his wife V N Meenakshi, a housewife".

CBI had gone through the income and expenditure statement of Ranganathan from January 1, 2017, to January 17, 2022, when he was arrested. It revealed that he had amassed assets worth Rs 4.82 crore. It is 88 per cent more than his legitimate income and could not satisfactorily account for.

Officials informed that the central agency had invoked the Prevention of Corruption Act against Ranganathan and his wife.