CBI to conduct a probe into massive corruption that sunk Travancore Titanium; exposed by Kerala Kaumudi

THIRUVANANTHAPURAM: The Central Bureau of Investigation (CBI) is coming to conduct a probe into the flagrant corruption in Travancore Titanium. Despite investigating for 13 years, the Vigilance has not been able to find even a trace of the corruption.

Apart from the bureaucratic bosses, the left and right political leaders should also face investigation in the case of colluding with foreign companies and pocketing Rs 80 crores in the name of a 256 crore sewage treatment plant. The Kochi unit of the CBI will be investigating the case. The VS Achuthanandan government had given an affidavit in the High Court saying that there was no need for a CBI probe. Later, although the Oommen Chandy government and the first Pinarayi government handed over the investigation to the CBI, the investigation agency did not take up the case.

On September 28, 2015, Kerala Kaumudi had published a report in the Smart Kerala series under the title 'Corruption is rampant, now Titanium is like the Titanic.'

Titanium's former MD Eepan Joseph, former Chief Marketing Manager Santhosh Kumar, former Executive Director Bhaskaran, and former Commercial Managers Thomas Mathew and V Gopakumar Nair were some of the accused in the case registered by the Vigilance. Vigilance could not trace the middleman Greentex Rajeevan and Mecon General Manager DK Basu. It was not able to find the two foreign companies that received more than 72 crores.

While serving as the Chief Minister, Oommen Chandy had given up the Home and Vigilance departments due to the remark made by the Vigilance Court.

• The project of Rs 108 crore was raised to Rs 256 crore for corruption. Preparations were made for the Rs 256 crore plant while the company was suffering a loss of 15.5 crore. Rs 109.64 crore was paid before the foundation stone was laid. Rs 72 crore was given to the Mecon company and Rs 32.08 crore to VA Tech of Chennai which took the sub-contract. While the consultancy fee was 3.5 crore, Rs 5.56 crore was paid.
• Bank loans of Rs 89.79 crore and Rs 72 crore were taken for the import of machinery from various companies in Europe. Although Rs 22 crore was paid for the designs, the company did not receive any designs.
• Machinery worth Rs 62 crore required for the final phase was imported from Europe very early. At that time, only the first phase of Rs 127 crore had environmental clearance. The machinery was rusted and destroyed. Customs is yet to receive Rs 45 crore, including duty and interest.