CBI Files Fresh Case Against Ex-GAIL Director Ranganathan In Disproportionate Assets Case

The CBI has filed a new case against former GAIL director E S Ranganathan for allegedly amassing assets of more than Rs 4.82 crore during 2017-22 which were disproportionate to his known source of income, officials said Monday. 

Ranganathan, then director (marketing) at GAIL, was arrested in January last year in a case of alleged bribery of over Rs 50 lakh for giving discounts to private companies buying petrochemical products marketed by the Maharatna PSU, they said.

The CBI had conducted searches at the Noida residence of Ranganathan, from where it recovered over Rs 1.29 crore cash and documents containing details of assets that the agency was scrutinising.

Ranganathan joined GAIL in 1985 and also served as managing director in the Indraprastha Gas Limited (IGL) from 2016-20 before returning to GAIL as executive director, and was later elevated to director (marketing) when he was arrested and subsequently suspended from service.

After the scrutiny of the assets, the CBI registered an FIR alleging that Ranganathan "during his posting in IGL and GAIL (India) Ltd has intentionally enriched himself illicitly and acquired assets (both movable and immovable) by corrupt and illegal means in his name and the name of his wife V N Meenakshi, a housewife."

The agency analysed the income and expenditure statement of the former director from January 1, 2017, to his date of arrest on January 17, 2022, which showed that he had amassed assets to the tune of Rs 4.82 crore, 88 per cent over his legitimate income, which could not satisfactorily account for, the FIR alleged.

The CBI had invoked provisions of the Prevention of Corruption Act against Ranganathan and his wife, the officials said.