Case for illicit wealth against CEO of Iron and Steel Market

A case under the Prevention of Corruption Act was registered at Kalamboli police station against Vikas Rasal, chief executive officer of the government-run Kalamboli Iron and Steel Market on account of possession of disproportionate assets, a senior government official.

Last month, Income Tax Department sleuths had caught Rasal at the Mumbai Airport and seized Rs 65.80 lakh in cash from his possession, an ACB official said.

After the IT Department intimated the ACB, an inquiry started. Searches revealed that Rasal's assets were worth Rs 14.39 crore, 208 per cent more than his known sources of income.

Kalamboli steel market yard -- a wholesale market for steel and iron -- is governed by the Mumbai Metropolitan Region Development Authority, a state government agency.

(PTI)