The Central Bureau of Investigation (CBI) has taken four officials from HG Infra Engineering Ltd into custody following multi-location raids linked to alleged bribery in railway construction projects. The agency seized ₹45 lakh in cash during the operation. Shares of HG Infra fell sharply as investors reacted to the unfolding investigation.
HG Infra Engineering Ltd, a leading infrastructure development company, is under scrutiny after the CBI and Anti-Corruption Bureau (ACB) conducted raids across multiple offices and project sites. The investigation is tied to alleged corruption in railway construction contracts.
Key Highlights:
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Custody: Four senior officials from HG Infra Engineering have been taken into custody by the CBI.
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Cash Seizure: Authorities seized ₹45 lakh in cash during raids across Patna and adjoining areas.
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Scope of Raids: Searches were conducted at the company’s Jaipur corporate office, Gurugram regional office, and a Bihar project site.
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Market Reaction: Shares of HG Infra Engineering plunged by up to 16% following the announcement, reflecting investor concerns.
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Company Response: HG Infra stated it is fully cooperating with authorities and emphasized that business operations remain unaffected.
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Broader Investigation: The probe also named 11 individuals, including a Chief Engineer of East Central Railway’s construction wing, as accused in the case.
This development underscores heightened regulatory vigilance in India’s infrastructure sector, with potential implications for HG Infra’s reputation and investor confidence.
Sources: Reuters, The420.in, ScanX News, HG Infra Engineering Ltd exchange filings