Balmer Lawrie's subsi Transafe's MD arrested for fraud

KOLKATA: J K Mukherjee, Managing Director and CEO of Transafe Ltd, the logistics solution provider and a subsidiary of Balmer Lawrie, was arrested today on allegations of accounting fraud.

Balmer Lawrie Managing Director S Mukherjee said that the Transafe CEO had been perpetrating accounting fraud for the financial years 2006-07, 2007-08 and 2008-09 by showing inflated profits.

He said that the (Transafe)CEO had done this to maximise his monetary incentives.

While mini-ratna PSU Balmer Lawrie holds 50 per cent stake in this logistics company based in Kolkata, the balance is held by Balmer Lawrie Van Leer, a joint venture company between Balmer Lawrie and Delaware-based Van Leer Industrial Packaging.

Aggarwal will be produced in the court later during the day.