Monday, June 27, 2011: The Vigilance on Monday registered cases against former KTDFC Managing Director Rajasree Ajith and thirteen others into the alleged irregularities in the Kerala Transport Development Finance Corporation (KTDFC).
It has been alleged that major irregularities have been detected in the KTDFC while sanctioning loans.
Former Chief Minister VS Achuthanandan had ordered vigilance probe into the corruption case against KTDFC on Aug 14, 2007.
The employees of KTDFC have urged Achuthanandan to order a comprehensive probe into the corruption charges in granting loans in violation of rules and steps to recover the money from those who had sanctioned the loans.
In a memorandum to Achuthanandan, the employees said the KTDFC, a Non-Banking Financial Company under the Reserve Bank of India and a State Government undertaking, was in financial crisis.
The memorandum alleged that crores of rupees were given as housing, vehicle and personal loans flouting rules and on the basis of forged documents and without adequate surety. The loans ranging from Rs. 50 lakh to Rs. 4.5 crore given to individuals, companies, jewellery shops, textile shops and studios had allegedly been taken using fake power of attorney.
The employees alleged that the Managing Director herself had taken an interest-free loan of Rs. 1 crore, Chief Manager, Finance (Rs. 35 lakh), Chief Manager Administration (Rs. 13 lakh) and Private Secretary to Managing Director Rs. 10 lakh. Although the maximum term of loan from KTDFC is 20 years, the memorandum pointed out that the Managing Director had taken loan for 29 years.
