Rs70 crore fraud in World Bank funded highway projects: Report

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World Bank issued a report stating the ‘fraudulent and corrupt’ practices employed by private contractors working on Indian highway projects, funded by the bank.

The Bank estimates malpractices sums up to over Rs70 crore. In its March 1 report, the bank stated that private contractors have bribed National Highways Authority of India (NHAI) consultants with gifts and gold coins.

The report also states that contractors submitted fake invoices in order to transfer the Bank’s funds to other projects.

Under the Bank’s scanner are the Lucknow-Muzaffarpur project, the Grand Trunk Road Improvement and the Third National Highway Project.

The Finance Ministry has now informed the Ministry of Road Transport and Highways and asked to take appropriate action.