Express News Service reported that the CBI on Tuesday arrested CMD of Cuttack based Zenith Mining Pvt Ltd Syed Nazam Ahmed who had taken a loan of INR 90.22 crore from National Agricultural Cooperative Marketing Federation of India Ltd but did not repay it fully.

On a requisition from CBI Delhi, a team tracked down Mr Ahmed near Khurda during the wee hours of the day. He was produced before the designated CBI court of Special CJM, Bhubaneswar, Mr Loknath Mohapatra.

Zenith Mining Pvt Ltd, according to Public Prosecutor for CBI Mr Kali Prasad Mishra, had taken the loan from Nafed during 2004-05 for procurement and export of iron ore. The loan was allegedly availed on the basis of false claims about the company’s business.

The firm repaid just about INR 30.47 crore to Nafed. The total outstanding, including interest, currently stands at INR 61.11 crore.

The investigating agency then registered a case against Ahmed under Sections 120 (B), 406, 409 and 420 of IPC.

(Sourced from Indian Express)