BHUBANESWAR: The CBI on Tuesday arrested CMD of Cuttack-based Zenith Mining Pvt Ltd Syed Nazam Ahmed who had taken a loan of `90.22 crore from Nafed(National Agricultural Cooperative Marketing Federation of India Ltd ) but did not repay it fully. On a requisition from CBI, Delhi, a team tracked down Ahmed near Khurda during the wee hours of the day. He was produced before the designated CBI court of Special CJM, Bhubaneswar, Loknath Mohapatra. Zenith Mining Pvt Ltd, according to Public Prosecutor for CBI 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 `30.47 crore to Nafed. “The total outstanding, including interest, currently stands at `61.11 crore and Nafed reported the matter to CBI,” Mishra said. The investigating agency then registered a case against Ahmed under Sections 120 (B), 406, 409 and 420 of IPC. After the Delhi CBI sent a requisition, its Bhubaneswar counterpart sent a team after Ahmed who was held near a toll gate around Khurda. He was produced before the Special CJM, Bhubaneswar, after which the CBI prayed for his three-day transit remand. The court allowed the remand and directed the CBI to produce him before the Chief Metropolitan Magistrate of Delhi.
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