Mithi River fraud: Intermediary Ketan Kadam paid for flight tickets, hotel stay of BMC officers, says court
MUMBAI: The flight tickets and hotel expenses of Brihanmumbai Municipal Corporation (BMC) officers who visited Kerala and Delhi to inspect desilting machines were borne by Ketan Kadam, an alleged intermediary arrested in connection with the Mithi River desilting fraud, the sessions court noted on Saturday while rejecting the anticipatory bail plea of co-accused Prashant Tayshete, a deputy chief engineer at the civic body. Ketan Kadam was arrested in May. (Anshuman Poyrekar/Hindustan Times)
According to the detailed order copy, which was made available on Monday, the court said it was unbelievable that a high-ranking civic officer such as Tayshete was not aware of who was bearing the expenses of his official visits and stays in Kerala and Delhi.
'The criminal element of cheating lies here,' observed the court. It added that Tayshete and other BMC officers worked hand-in-glove with Kadam to fix the terms and conditions of the tender for desilting machines so that they would benefit in the future.
Tayshete was among three BMC officers booked by the Mumbai police's Economic Offences Wing (EOW) in May for alleged irregularities in contracts awarded for desilting the Mithi River. These irregularities led to a loss of ₹ 65.54 crore for the BMC, the EOW said.
Kadam, the chief executive of Mumbai-based industrial product manufacturer Virgo Specialties, and the company's director, Jay Joshi, were arrested for their alleged role as intermediaries in the fraud. They were allegedly involved in charging the BMC inflated rates to rent silt pusher machines and dredging equipment supplied by Kochi-based Matprop Technical Services Pvt Ltd. The BMC's tender was also tailored in such a way that Matprop gained a monopoly over the contracts, according to the EOW.
According to the Enforcement Directorate, which has launched a parallel money laundering investigation into the alleged fraud, the evidence prima facie indicated that BMC officers, contractors, intermediaries, Matprop executives and others 'colluded to form a cartel with the intent to manipulate BMC tenders' related to the desilting of Mithi River.
While applying for anticipatory bail, Tayshete had submitted that as a deputy chief engineer in the BMC's solid waste management department (SWM), he was never deputed for work related to desilting the Mithi River, which came under the stormwater drains department (SWD). But since he was a mechanical engineer, he was tasked with the inspection of stilt-pushing pontoon machines and multipurpose amphibious pontoon machines when the BMC was looking to award tenders for desilting the Mithi River.
Tayshete also argued that he had no reason to see who was paying for his visits to Kerala and Delhi to inspect desilting machines, since he was told that the expenses would be borne by the BMC. He also claimed that he had signed two reports prepared by BMC officers after the site visits with the specifications of the machines to be specified in the tender, which were rejected by the BMC. He said that he was not a signatory on a third report that was eventually approved.
However, the special sessions NG Shukla, in an order passed on June 21, said that there was no document to show that Tayshete was working in the SWM department and was not concerned with the SWD department. It also said that parts of a report signed by Tayshete were used to demonstrate to higher civic officials why the use of machines with certain specifications was required. 'The rates were proposed to be increased on the basis of such specification. Hence, the applicant cannot escape from the liability of raising the said rates,' the judge said.
The court added that even though Tayshete did not sign the third report that was approved, there was no objection regarding the specifications and rates of the machines in the report. 'Hence, not having [the] signature of [the] applicant on the third report does not prima facie infer that the applicant had no role in inserting the terms and conditions of [the] use of machines of Matprop Technical Services Pvt Ltd only, and increasing the rates and thereby causing wrongful loss to the BMC,' observed the court.
Meanwhile, the sessions court on Monday granted Matprop directors Dipak Mohan and Kishore Menon interim protection from arrest. They were among the 13 people booked in the case. It isn't clear why the court did so, as the detailed order copy is yet to be made available.
Mohan and Menon's counsel, advocate Paavani Chadha, argued that they were falsely implicated in the case. Their plea said that Matprop had followed due procedures in approaching the relevant officials and carrying out transactions with them.
They also argued that they have a proven track record of successfully supplying and maintaining machinery for water restoration projects, adding that an arrest would cause them severe reputational damage and harassment. The duo submitted that they are willing to fully co-operate with the investigation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
an hour ago
- Hans India
Donations pour in for SVPT
Tirumala: Donations poured in for the TTD-run Sri Venkateswara Pranadana Trust on Monday. Rajasthan-based AK Engineering Company has donated Rs 10,59,000 to Venkateswara Pranadana Trust. On behalf of the firm, Boyapati Akhila handed over the DD for the amount to Additional EO Ch Venkaiah Chowdary at the latter's camp office in Tirumala. Bengaluru-based Agarwal Index Furnace Pvt Ltd has donated Rs 20 lakh to SV Pranadana Trust and on behalf of the company, Raghavendra handed over the DD to the Additional EO at Annamayya Bhavan. Meanwhile, Dandumenu Sasank Krishna from Konaseema district has donated Rs 10,00,006 to the Pranadana Trust a couple of days ago.
Time of India
2 hours ago
- Time of India
Driving sustainability: Bengaluru-based Moonrider powers rural India with next-gen electric tractors
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Anoop Srikantaswamy (Front) and Ravi Kulkarni (Back) Tired of too many ads? Remove Ads Data compiled by Primus Partners Moonrider, earlier this year, had secured $2.2 million (approximately Rs 19 crore) in a funding round. For Anoop Srikantaswamy (37) and Ravi Kulkarni (40), life was going on as usual. For the past 15-20 years, both Srikantaswamy and Kulkarni, along with their team, have been immersed in the automotive industry, focusing on the development of a diverse array of electric vehicles (EVs)—from two-wheelers to trucks. The team often gathered over cups of filter coffee, like many in Bengaluru, to exchange ideas while navigating their urban lives. That was until the day they decided to visit a sick friend, whose father was a progressive friend suggested that, since they were already working on electrifying various segments, they should also consider electric tractors . 'If farm electricity is free, why aren't there electric tractors? It would clearly benefit us.' This insightful conversation sparked the idea for Moonrider , and Srikantaswamy and Ravi Kulkarni founded the company in 2023. The company's mission is to help farmers increase their income, reduce costs, and boost was a breakthrough moment for us, said Srikantaswamy, who is also the CEO of the company; Kulkarni is the COO.'After that, we still had some concerns about electricity access in rural areas. So, we put together a small team and conducted initial research across various regions. What we discovered was that, over the past decade, the electricity grid has significantly improved in many of these areas. That realisation gave us the confidence to move forward and launch the venture,' added time, the founders of the Bengaluru-based startup Moonrider also discovered that states like Rajasthan, Himachal Pradesh, and Gujarat are actually energy surplus. In fact, many farms in these regions already have access to three-phase power lines.'These insights were crucial and gave us the confidence to move forward with developing the vehicle. Over the past two years, we have made significant progress on the product front. Now, we offer a complete range of models—from 27 horsepower (HP) to 75 HP—and are planning to launch a 50 HP version soon,' said Srikantaswamy. Moonrider has an R&D facility in Bengaluru and a contract manufacturing facility in Nabha, Indian agricultural tractor market is anticipated to reach a valuation of $7.92 billion by the end of 2025 and is expected to further grow to $10.95 billion by 2030, registering a CAGR of 6.7% during the 2025-2030 period, according to data from Mordor Intelligence.'At present, e-tractors aren't being sold in India because they aren't actively retailed yet. In fact, this trend is observed globally as well. It's important to understand that the tractor market is currently growing at a CAGR of around 6% to 6.5%, which essentially makes it a replacement-driven market,' said suggests that every electric tractor sold will effectively replace a diesel-powered counterpart. 'Tractors in India generally have an average lifespan of under 10 years, which creates a substantial annual replacement market; that's the opportunity we're targeting,' stated Srikantaswamy. He noted that the 40-60 horsepower segment dominates the Indian market, accounting for nearly 70% of total tractor 75 HP tractor is primarily intended for export markets, especially regions like East Africa, though it also has some presence in Punjab and Haryana. As of now, the company's 75 HP model is being tested by customers in Nairobi, and starting in January, it plans to ramp up deployment of our tractors across both Africa and India. 'We think, at least in the year 2026, we would deploy somewhere between 600 and 1,000 tractors both domestically and globally,' said note that India's electric tractor market remains in its early stages. As of 2024, only about 127 electric tractors have been registered nationwide, with most deployed in pilot projects or retained by manufacturers for internal testing.'While early developments have taken root in states like Uttar Pradesh, Karnataka, Gujarat, and Maharashtra, commercial adoption remains very limited. Leading players such as Mahindra & Mahindra (M&M), Sonalika, and Escorts have introduced prototypes, but these haven't translated into widespread sales yet. The broader tractor market saw close to 800,000 new registrations in FY 2024-25, and only 16 of those were electric. For now, the segment is more about experimentation than full-scale deployment,' said Nikhil Dhaka, Vice President at Primus believe that the Indian electric tractor segment holds long-term potential; however, cost continues to be a major hurdle at present. Overall, e-tractors are considerably more expensive than their diesel equivalents. This price gap becomes especially visible when we compare similar horsepower (HP) ranges:Dhaka added that the higher upfront cost of electric tractors poses a significant affordability challenge, particularly for India's small and marginal farmers. However, market growth is expected to be driven by declining battery prices, improved access to financing, and the growing economic viability of electric powertrains in agriculture . 'With targeted subsidies, continued technological advancements, and stronger after-sales support, electric tractors could become an increasingly appealing option for farmers,' said most small and marginal farmers, these prices are simply out of reach, especially without affordable financing options, say experts. Then there's the infrastructure issue: many rural areas still struggle with unreliable electricity, let alone having dedicated charging said that Moonrider has introduced several key innovations that have helped bring down costs of e-tractors. The company has developed its own battery technology and battery packs in-house and patented a battery system that can fully charge a tractor in just 30 minutes.'Beyond hardware, all our software and electronics are also developed internally. This vertical integration is critical, especially because the battery pack alone accounts for nearly 40% of the total cost of an electric tractor. We have managed to bring our battery pack cost down to under $65 per kW-hour—about half the market rate. These innovations have allowed us to achieve price parity, meaning when we take our product to market, our pricing is within plus or minus 10% of conventional alternatives,' added explains that the 27-horsepower Simba from New Holland, recognised as one of the fastest-moving models, is priced at around Rs 7 lakh; in contrast, the Moonrider electric tractor is expected to be priced at approximately Rs 8 lakh.'And another differentiation from a Moonrider's standpoint is that what we are doing is, for the next 24 months, we are not opening up any dealerships or anything unlike other big players who have dealerships in almost all parts of the country. We have partnered with B2B players in the sense that there are rental field owners. We want to approach the market in a different way,' said said that battery limitations also create hesitation. 'Long charging times and concerns over battery life affect day-to-day usability during key farming seasons. Add to that a lack of awareness and trained technicians, and it becomes clear why adoption has been slow. While some states have rolled out incentives, a stronger policy push at the national level could go a long way in bridging these gaps,' added offers three types of charging options for its electric tractors. The first is standard charging, which can be done using a regular home socket, ideal for overnight charging. The second is an AC fast charger, allowing the tractor to be fully charged in about 2 to 2.5 hours.'The third option is DC fast charging. Wherever DC fast charging infrastructure is available, the entire tractor can be charged in under 30 minutes. We are also collaborating with our B2B partners—many of whom operate in remote areas—to deploy DC fast chargers on-site. This will significantly improve access to rapid charging in rural and underserved regions,' he key reason e-tractors haven't yet gained widespread availability is that the market requires either innovative solutions from start-ups or a decisive move by legacy manufacturers to launch electric models, said for traditional OEMs, this presents a dilemma: because the market is largely driven by replacement demand, each electric tractor they sell risks cannibalising their own diesel sales. This makes the required capital investment a tough call, and therefore, most established players are reluctant to lead and prefer to let startups take the first steps in advancing the technology, he added.'Compared to other sectors in the automotive space, the tractor industry tends to adopt new technology at a slower pace. That said, at Moonrider, we believe there is a window of about two to two-and-a-half years for us to enter the market and establish a new category,' said earlier this year, had secured $2.2 million (approximately Rs 19 crore) in a funding round jointly led by mobility-focused funds AdvantEdge Founders and Micelio Technology Fund, with additional backing from a group of angel said the company is in its early stages, prioritising technology development and supply chain building and it hasn't yet generated revenue. He added, 'We are not in the market, but there has been significant inbound interest.'Srikantaswamy also noted that for e-tractors to pick up pace, policy clarity is needed, particularly regarding subsidies. Extending 50-60% subsidies offered for diesel tractors to electric tractors would be a game-changer, he highlighted that affordable financing is also crucial, as loans at 9% interest over 7 years may still be insufficient for large-scale adoption, considering 90% of tractors are financed. However, Srikantaswamy is optimistic that change is imminent.
Time of India
2 hours ago
- Time of India
Starbucks says it is not currently considering a full sale of its China operations
Live Events U.S. cafe chain Starbucks said it is not currently considering a full sale of its China operations, after Chinese financial magazine Caixin reported that it was, without disclosing where it obtained the has held preliminary talks with more than a dozen potential buyers, Caixin also reported on Monday, citing sources who did not specify what was for kicked off a formal sale process of its China operations in May, inviting interested buyers to submit answers to a list of questions by the end of last week, said three sources with knowledge of the Seattle-based company, advised by Goldman Sachs , asked interested buyers about their corporate culture, management style, sustainability measures, how they treat employees as well as the potential deal structure and business plan for Starbucks China, said the people, who declined to be named as the information was not however has not decided yet whether to sell a controlling or a minority stake in its China business, or whether it will keep some parts of its China operations such as its supply chain, said two of the declined to comment further on the details of the sale process. Goldman Sachs did not immediately respond to a Reuters request for opened its 1.5 billion yuan ($209 million) Coffee Innovation Park in the city of Kunshan, neighbouring Shanghai, in 2023. The 80,000-square-metre roasting plant has the capacity to supply all of Starbucks China's than 20 institutions responded to Starbucks, including a number of private equity firms, one of the sources is expected to shortlist buyers for next steps, two of them said."The purpose was to let everyone tell their story freely and choose whatever the best prospect it is and proceed," one of them & Co, Fountainvest Partners and PAG are among buyout firms interested in acquiring a stake in Starbucks' China sale comes as Starbucks has lost market share to lower-priced Chinese rivals in recent years as consumers tighten their purse strings and ever-cheaper options from fast-growing rivals Luckin and Cotti made it more difficult to justify prices of around 30 yuan ($4.20) per cup of market share in China has declined from 34% in 2019 to 14% in 2024, according to data from Euromonitor International, a market research pressures have increased as big e-commerce firms in China offer consumer subsidies to stimulate their food delivery and "instant retail" businesses, referring to deliveries made within one subsidies and coupons have pushed the price of a cup of coffee even lower, meaning consumers are often paying less than 5 yuan per cup of coffee delivered to their this month, Starbucks announced its first-ever price drop in China, lowering the price of some non-coffee iced drinks by an average of 5 yuan.
