The Lokayukta officials on Wednesday raided the office of Kerala State Co-Operative Housing Federation (KSCHF) following allegations of high-level corruption, amounting to `20 crore, against its former managing director. The officials seized a computer and a hard disk from the KSCHF office for further examination.
According to the Lokayukta officials, there had been a petition filed with the Lokayukta against P C Babu while he was the Managing Director of the KSCHF between 2009 and 2011.
The officials said that Life Insurance Corporation (LIC) had allegedly allotted `20 crore to the KSCHF for giving loans to its 207 members. But P C Babu had invested this amount in an LIC plus policy, with his wife as the nominee, without the knowledge of the board members.
Furthermore, P C Babu had allegedly cancelled the software contract with TCS and tendered it to another company for `75 lakhs. He is also alleged to have bought a `10 lakh project for the maintenance work at the LIC’s Kozhikode regional office, which has not been done yet.
Corruption charges were also raised against him over auctioning of the vehicle with the department and purchasing a newer one. Lokayukta officials will file a report regarding the probe on Aug 4.
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