Concor spots suspected misappropriation of Rs 1.24 crore

NEW DELHI: The Container Corporation of India ( Concor) today said it has taken steps to plug loopholes in its system after detecting a suspected case of misappropriation to the extent of Rs 1.24 crore.

"The management has detected a suspected case of misappropriation of Concor funds with an approximate value of Rs 124 lakh at one of the regional offices," the company said in a filing to BSE.

"The management has initiated immediate action against suspected perpetrators and has also taken steps to plug loopholes in the system to prevent any similar leakage in future."

Concor, a central government enterprise, commenced operations from November 1989 by taking over seven inland container depots ( ICDs) from the Indian Railways in Delhi, Ludhiana, Bangalore, Coimbatore, Guwahati, Guntur and Anaparti.

Since then, Concor has developed a vast network of container terminals at prime locations all over the country.

At present, it has a total of 41 exim terminals (rail or Road-linked ICDs and port side container terminals (PSCTs), with another 13 in the pipeline.

Concor provides transport linkages between ports and the hinterland. Regular container trains are run to and from ports to Concor's terminals in the hinterland. Some of the terminals are also served by roads.