SAIL: Uncontrolled Greed, Unchecked Rampant Corruption
While reading the exposures of deep-rooted corruption in the Steel Authority of India Limited (SAIL), the readers will get exhausted but the list of corrupt officers and their connivance continues unabated. It is adding new names one after another in the syndicate of corrupt officers.
In yet another story of corruption in the series where an existing dealer and transporter of SAIL turned into a Project for supplying over 22,000 T of steel on heavy discounts to give substantial dent to the top and bottom line of SAIL.
Venkatesh’s complaint and LOKPAL
also could not stop it. About 11,000 T sold after Venkatesh’s complaint and
about 4,500 T sold after LOKPAL Order 
Shree Shivani and Company: An authorised district dealer of SAIL
While accessing the above link, it has been found that Sree Shivani and Co are a Dealer of SAIL at Thiruvallur district of Tamil Nadu
Vishal and Company: It has been gathered from the sources that Vishal and Company is a transporter attached to Chennai Warehouse of SAIL CMO. The firm also handled steel at the Trichy warehouse of SAIL
G Dhanasekar runs a boutique named
‘Kama Design & Stitch’ on the same address.
Electrifying speed! Electrifying Connivance!
V K Engineering Contractors was incorporated and GSTIN 33AAUFV5379B1ZS was taken on Oct 25, 2021 with the Principal Place of Business as “4/59, BHEEMANNA GARDEN STREET, ALWARPET, Chennai, TN” same as that of Vishal and Company and with the nature of core business activity as ‘Trader-Wholesaler/Distributor’. With in a month, Sahil Dua, an officer posted at Chennai branch of SAIL-CMO, opened the party’s code in SAIL SAP system on Nov 25, 2021 and sales started from Dec 07, 2021 on heavy discounts. Going ahead Project MOU signed with V K Engineering Contractors first from Feb 01, 2022 to Jan 31, 2023 and then from Apr 01, 2024 to Mar 31, 2025
Based on the facts stated above it can be convincingly said that SAIL officials surreptitiously utilised their long-standing association with the owners/promoters of Shree Shivani and Company and Vishal and Company to get them incorporate another firm namely V K Engineering Contractors, whose name looked like a project firm. The very purpose of incorporating this new firm was to loot SAIL by offering heavy discounts in the name of Projects, for mutual gains.
It has been gathered that SAIL supplied over 22,000 Tonne of steel, primarily TMT Bars, to this firm which is also registered at 4/59, Bheemanna Garden Street, Alwarpet, Chennai. It has been further gathered that about 75% has been shipped to ‘J J HI TECH FOODS PRIVATE LIMITED’ as per the invoices issued by SAIL to the firm. Further over 10% shipped to the same address from where the promoters run ‘Kama Design & Stitch’ and ‘Vishal and Company’, which is residential accommodation. It has been further gathered that the balance has been delivered to ‘MRF Limited’ at Preambular, Trichy. The above fact proves beyond any doubt that SAIL officials themselves allowed V K Engineering Contractors to sell the steel.
Some call it audacity, others call it uncontrolled greed, that over 50% of the steel has been sold to V K Engineering Contractors after the complaint on Venkatesh Infra Projects P Ltd was available with SAIL. As if above was not enough, over 4,000 T has been sold after the LOKPAL order dated Jan 10, 2024, where the case of Venkatesh Infra Projects P Ltd was given to CBI and 29 officers were suspended on Jan 19, 2024.
PESB selects V S Chakravarty as Director (Commercial) SAIL on Sep 21, 2021 and he takes charge on Dec 24, 2021. In the intervening period V K Engineering Contractors was incorporated, their party code was opened and supplies initiated. Chakravarty was posted in Chennai from Apr 2014 to Jun 2016, first as Regional Operations Manager and then as Regional Manager (Flat Products). It is quite possible that Chakravarty’s association with the owners/promoters of V K Engineering Contractors, (who are owners/promoters of Shree Shivani and Company and Vishal and Company also) during his Chennai tenure, was the key reason for this corruption which was given shape on his behest by the Chennai based officers of SAIL CMO.
M C Agarwal, Executive Director (Sales & ITD) during the initiation of business with V K Engineering Contractors, was also at Chennai from Dec 2012 to Feb 2014 as Regional Manager (Long Products).
Sahil Dua joined OfBusiness
During his tenure at SAIL CMO Chennai, Dua along with other officials of SAIL was instrumental in supplying steel to various firms connected to OfBusiness (OFB Tech P Ltd). Subsequently, he resigned from SAIL Chennai in Sep 2022 and joined them. Presently he is Business Head Sales (Long Products) at OfBusiness. During his tenure at Chennai Branch, about 65,000 Tonne of Steel was sold by Chennai branch, repeat only from Chennai branch, to four firms connected to OfBusiness viz. OFB Tech P Ltd; Artisty Infracon LLP; OAGRI Farm P Ltd & Lendcierge Estate P Ltd. After joining OfBusiness he used his SAIL contact to get steel for various firms connected to OfBusiness. Oct 2022 onwards, about 1,70,000 sold to the firms connected to OfBusiness.
Over 3,00,000 Tonne of steel products sold to 12 Fake Project firms connected to OfBusiness [OFB Tech P Ltd] by SAIL at heavy discounts by underhandedly using the policy and DoP applicable for genuine projects and construction companies. Estimated loss of about Rs 100 Crores in the form of illegal discounts passed, have been suffered by SAIL.
https://www.bureaugram.com/news/nexus-between-ofbusiness-and-sail-officials
https://www.bureaugram.com/news/corruption-in-sail-a-never-ending-greed
Agarwal also joined OfBusiness
Apart from Dua there are few other officers also who joined them. The most important person is Mahesh Chand Agarwal, ex-Executive Director (Sales & ITD) who joined OfBusiness on Oct 04, 2023 after superannuating from SAIL on July 31, 2023. It is noteworthy that the Ministry of Steel, in the last week of July 2023, had advised CMD SAIL Amarendu Prakash to initiate RDA against Agrawal for administrative negligence in the matter of supplies to Venkatesh Infra Projects P Ltd and Avon Steel Industries P Ltd. However, Amarendu deceitfully gave clean chit to him and let him go to join OfBusiness.
Chandresh, Suresh & Jacob suspended
On Jan 10, 2024, Lokpal made scathing observations on the functioning of SAIL and handed over the cases of Venkatesh Infra Projects P Ltd and Avon Steel Industries P Ltd to CBI. On Jan 19, 2024, on directions of MoS, 29 officers were suspended which included these three officers also.
Jabob superannuated on Aug 31, 2024. CMD SAIL paid him retiral benefits again going against the directions of the Ministry of Steel.
Chandresh was promoted to Chief General Manager after bringing him back from suspension, pending CBI inquiry. He resigned from SAIL around Oct 2025. Having burnt hands with release of retiral benefits to Jacob, this time separation benefits were withheld for Chandresh.
[The above article has been written based on extensive research and inputs from various sources including sources from SAIL]
