Two Wheeler company buys TMT Bars Steel from SAIL and sells at higher rates in market 

It sounds really interesting and strange how Steel Authority of India Limited (SAIL) sold out 30,000 tonnes TMT Bars steel to a Company which is engaged in manufacturing of 'Electric Two Wheelers' at discounted rates and the said company allegedly re-sold the steels in the market at higher rates. The officials of SAIL in connivance with the company incurred losses of crores of rupees.

Investigations of ‘Bureaugram.com’ reveal the following:

Smelling that SAIL officials are offering steel on heavy discounts to Projects, like many other firms they also took GSTIN-07AAWCS4284K1ZH on August 30, 2021 and started lifting TMT Bars from SAIL from October 2021 under “Projects”.

Prior to Fujiyama Power Infra P Ltd, the family floated another firm M/s AB Buildcon with its proprietor as Udit Agrawal and took GSTIN-06CGVPA1226M1Z9 on July 03, 2021 with Principal Place of Business as plot No. 292, phase IV Sector 57, HSDIIDC Kundali Sonipat, Haryana and started lifting TMT Bars from SAIL from August 2021 under “Projects”.

Going further the family floated another two firms viz. M/s Hitech Infra Solutions and M/s RS Infra Projects. with its proprietors as Shobhit Agrawal and Jagmohan Agrawal respectively and took GSTIN-23BBOPA8719E1ZS and 08ACAPA6706H1Z0 respectively on March 04, 2022 and March 10, 2022. The firms started lifting TMT Bars from SAIL from July 2022 and April 2023.

Put together all the four firms, SAIL officials sold about 30,000 Tonne of TMT Bars to the Agrawal family. All the TMT Bars were sold at heavy discounts using the policy and guidelines applicable for Projects although none of the firms were doing any construction or projects work.  It has been gathered that all like many other firms the above four firms are also under LOKPAL/CBI investigation.

The modus-operandi adopted with all the above-mentioned firms is the same as was adopted by SAIL in the supply of 1,50,000 Tonnes of steel to M/s Venkatesh Infra Projects P Ltd. On the directions of Lokpal of India, CBI has already registered  F.I.R. No. RC2182024A0021 on 10.10.2024 u/s 120B, 420, 468, 471 IPC and Sections 7, 9 and 12 of the P.C. Act, 1988 as amended has also been lodged by the CBI, AC-III, New Delhi against the erring senior officials of SAIL, M/s Venkatesh Infra Projects P Ltd and M/s APCO Infratech P Ltd.

Fujiyama Power Infra P LTD  incorporated in 2012 is registered at 607, Prabhat Kiran Building, Rajender Place, New Delhi – 110008. The firm is engaged in manufacturing of Electric Two Wheelers at its plant located at PLOT NO 292, PHASE IV SECTOR 57, HSDIIDC KUNDALI SONIPAT, HARYANA. Founder-MD; Co-Founder-MD and CEO of FUJIYAMA POWER INFRA P LTD  are J M Agrawal, Shobhit Agrawal and Udit Agrawal respectively. The company has a technical tie-up with FUJIYAMA, Japan.

(Source : Company’s Presentation)

https://auto.economictimes.indiatimes.com/news/two-wheelers/fujiyama-launches-5-e-scooters-in-india-at-prices-ranging-from-inr-49999-to-inr-99999/99088790

‘Bureaugram.com’ is yet to find out applications of SAIL TMT Bars in the manufacturing of Electric Two Wheelers.