SAIL paid heavy price by suppressing the case against Chacko and promoting him to Chief General Manager for Long Projects

7,00,000 Tonne of Long Projects have been sold to FAKE Projects

2,00,000 Tonne of SWR14 Grade Blooms sold to Avon Steel Industries P Ltd

Chaudhary refused, Soma obliged

Shocking revelations about corruptions one after another corroborate how a State-owned PSU Steel Authority of India Limited (SAIL) incurred losses. It’s a long saga of a syndicate of corrupt officers who worked 24X7 to slide the company into financial crisis. 

It was flabbergasted when the corrupt officers were promoted instead of sending them beyond the bars. There are number of such officers facing severe corruption charges are being promoted entrusting with the top-level responsibilities.  It appears that SAIL is working like a washing machine to clean the image of tainted officers. In the series of exposure of corrupt officers, in 2013, Jacob Chacko, then Branch Manager of the Jaipur Branch of CMO, SAIL, issued materials worth ₹4.82 crores to M/s Shiv Mahima Ispat Pvt. Ltd. against cheque beyond the cheque facility provided to the firm —effectively extending unsecured credit in violation of the company’s prevailing policy. The cheque was subsequently dishonoured, and the firm failed to respond.

The Director (Commercial) reportedly opposed the imposition of penalty on Chacko, allegedly influenced by internal collusion and external pressures. However, the Vigilance Department, based on the gravity of the lapse, firmly insisted on the imposition of a major penalty, which was ultimately enforced.

Although the case was recommended for referral to the CBI, it is understood that the process was subsequently stalled. Notably, Chacko was promoted soon after completion of the penalty period although money has still not been realised by SAIL.

Chacko journey after giving a blow of ₹4.82 crores to SAIL

Chacko was living alone at Jaipur with his family in Mumbai. Due to the above case he was to be removed from Jaipur. Instead of at least symbolically punishing him by sending to some distant location on a non-sensitive post, the then Director(Commercial) transferred him to Mumbai as Branch Manager i.e. not only to another sensitive post but to a place where his family was.

The move was highly objected by the then Director(Finance) of SAIL and therefore within six months Chacko was removed from the post of Branch Manager of Mumbai and posted on a non-sensitive post in May 2014 but in Mumbai itself.

In 2019, he was again brought back to a highly sensitive post of Regional Business Manager at Mumbai and then in March 2021 promoted to Chief General Manager for Long Projects at Kolkata at CMO/HQ.

He was suspended after LOKPAL’s order dated Jan 10, 2024 for his active role in the process of supplying steel to Venkatesh Infra Projects Pvt Ltd & Avon Steel Industries P Ltd.

He superannuated on Sep 30, 2024. Going against the Ministry’s position, CMD SAIL Amerandu Prakash released the full retiral benefits to him.

SAIL paid heavy price by suppressing the case against Chacko and promoting him to All India Sales Head for Long Projects

As Chief General Manager at CMO/HQ, he was the all-India sales head of Long Projects. It has been gathered that during March 2021 to Jan 2024, about 7,00,000 Tonne of Long Projects have been sold to FAKE Projects. About 50,000 Tonne was also sold by Western Region to FAKE Projects when Chacko was the Regional Business Manager there.

Apart from FAKE Projects, out of atotal supply of about 2,65,000 Tonne of SWR14 Grade Blooms sold to Avon Steel Industries P Ltd, over 2,00,000 Tonne was sold during the tenure of Chacko as sales head of Long Projects.

Chaudhary refused, Soma obliged

The Director(Finance) who objected to giving a sensitive position to Chacko went on to become Chairman SAIL. Till Anil Chaudhry was on the chair, Chacko did not get promotion to E8 Grade (i.e. Chief General Manager) and spent 8 years in E7 Grade. The moment Chaudhary superannuated on Dec 31, 2020, Soma Mondal took over as Chairman SAIL on Jan 01, 2021 and Chacko immediately managed his promotion to All India Head of Sales for Long Projects in Mar 2021. It may be noted that during this time Soma was also holding the charge of Director(Commercial). Everything was planned. The departure of Anil Chaudhry from the scene was being eagerly awaited. This tells you that promotions in SAIL are not merit based but they are individual driven.

(The above article has been written based on extensive research and inputs from various sources including sources from SAIL)