SFIO Says Hero Electric, Benling & Okinawa Violated FAME-II Norms

SUMMARY

SFIO said that Hero Electric, Benling India and Okinawa Autotech availed subsidies worth INR 297 Cr under the FAME-II scheme in violation of the norms

It found that the three companies had "deceptively" shown compliance with the applicable guidelines to the heavy industries ministry

The statutory agency also recovered evidence like digital data, books and other material to support its investigation

The Serious Fraud Investigation Office (SFIO) said it conducted search operations at the premises of electric two-wheeler manufacturers Hero Electric, Benling India and Okinawa Autotech and found that they availed subsidies worth INR 297 Cr under the FAME-II scheme in violation of the norms.

In a statement, it said in its search operations, conducted on December 2, it found that the three companies had “deceptively” shown compliance with the applicable guidelines to the heavy industries ministry.

The statutory agency also recovered evidence like digital data, books and other material to support its investigation.

“Upon investigations by SFIO, it is revealed that several restricted parts under the PMP guidelines were either directly or indirectly imported from China thereby flouting the PMP guidelines under FAME – II,” a statement from the corporate affairs ministry said.

(This story will be updated soon.)

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