PALAKKAD: The Vigilance sleuths today arrested Malabar Cement MD K Padmakumar in a corruption case. The Vigilance had conducted raids on September 1 at Malabar cement office at Valayar and at Padmakumar’s official residence. They also had examined Malabar Cements Deputy Manager Venugopal’s residence at Valayar.
The arrest was based on the complaints that Padmakumar allowed illegal concessions to cement dealers in Kozhikode, Malappuram and Thrissur and by this the government incurred losses to the tune of crores of rupees. There was also complaints that he had illegally gave bank guarantees.