CBI takes five into custody, including GAIL executive director, in an alleged 50 lakh rupee bribery case.

On September 5, it was reported that the Central Bureau of Investigation (CBI) had taken into custody K B Singh, who holds the position of executive director (projects) at Gas Authority of India Ltd (GAIL), along with four other individuals. This action was taken in connection with an alleged bribery case involving an amount of Rs 50 lakh.

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As of the preliminary reports, the identities of the four other individuals who were arrested alongside K B Singh had not been disclosed. Simultaneously, searches were being conducted at various locations in Delhi, Noida, and Visakhapatnam by authorities connected to the alleged bribery scandal.

According to sources cited by news agency PTI, the case revolves around illicit financial transactions in favor of certain contractors involved in gas pipeline projects. Specifically, it is alleged that the bribe was exchanged to secure favorable treatment for a company involved in two GAIL pipeline projects: Srikakulam to Angul and Vijaypur to Auraiya. The CBI initiated this operation on September 4 based on information received about the bribery exchange, leading to the arrests.

Notably, the news of these developments had an impact on the stock price of GAIL, a state-run entity. Initially, its shares reached a four-year high after the news broke. However, the gains began to diminish around 2:45 pm, shortly after the reports of the arrest of GAIL’s executive director became public knowledge. By 2:58 pm, the stock price was nearly unchanged at Rs 123 per share on the NSE.

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