Here’s a refined version of the provided information:
The Central Bureau of Investigation (CBI) has taken into custody K B Singh, the executive director in charge of projects at Gas Authority of India Ltd (GAIL), along with four other individuals, as part of an alleged bribery case involving Rs 50 lakh. This development was reported by CNBC TV-18 on September 5. The identities of the four other individuals apprehended have not been disclosed in the initial reports.
Authorities have initiated searches in relation to the alleged bribery scandal at various locations in Delhi, Noida, and Visakhapatnam, as per informed sources.
According to sources speaking to news agency PTI, the case pertains to illicit financial transactions benefiting certain contractors involved in gas pipeline projects. Allegedly, the bribe was offered to secure advantages for the company in two GAIL pipeline projects – from Srikakulam to Angul and from Vijaypur to Auraiya. These sources further indicated that the CBI received intelligence about the illicit exchange of funds, leading to the launch of an operation on September 4, resulting in the arrests.
It’s important to note that Moneycontrol has not independently verified this development.
Following the revelation of the executive director’s arrest, shares of the state-run GAIL initially surged to a four-year high. However, by around 2:45 pm, shortly after reports of the arrest emerged, these gains had subsided. At 2:58 pm, the GAIL stock was nearly unchanged, trading at Rs 123 per share on the NSE.
