Ruia Group Chairman and engineering firm Jessop and Co owner Pawan Ruia was arrested from his New Delhi residence on Saturday by the West Bengal CID personnel in connection with a complaint filed by the Railways.
Ruia has been charged under various sections of the Indian Penal Code pertaining to cheating, dishonestly inducing delivery of property and criminal breach of trust.
He is being brought to Kolkata on transit remand, said CID sources.
The Deputy Director, Railway, Kolkata, had filed the complaint at the Dum Dum police station after a joint inspection by a team of railway and CID personnel on November 4 purportedly found Railway property - equipment and rakes - worth Rs 50 crore missing from the Jessop factory premises.
Ruia is alleged to have violated a court order which had asked him to secure the factory premises.
There were also repeated incidents of fire in the factory premises and the probe was handed over to the CID in October.
The CID had summoned Ruia on four occasions between October 26 and November 5, but he failed to turn up even once.
Reacting to Ruia's arrest, the business group questioned how he could be dragged into the case.
"Pawan K Ruia does not hold any position in Jessop & Co Ltd. He is neither a Director, nor a shareholder of the Company. He is not even an occupier of any of the Jessop premises.
"We fail to understand how can he be dragged into the case. Anyways, we will contest all the charges brought against him in the proper legal forum," said the group.
--IANS
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