SFIO finds Hero Electric, 2 other cos fraudulently availing FAME-II subsidy
This story was originally published at 20:29 IST on 2 December 2024
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NEW DELHI – The Serious Fraud Investigation Office has found three companies engaged in manufacturing electric vehicles, including Hero Electric Vehicles Pvt Ltd., fraudulently availing subsidies to the tune of INR 2.97 billion under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme, the Ministry of Corporate Affairs said in a release Monday. The other two companies are Benling India Energy and Technology Pvt. Ltd. and Okinawa Autotech International Pvt. Ltd.
The FAME-II scheme was launched in 2019 to promote manufacture of electric and hybrid vehicles in India. To be eligible for subsidy under the scheme, companies had to manufacture some key components in India, in adherence to the Phased Manufacturing Programme guidelines. The SFIO, on investigation, found that the three companies had claimed subsidies by deceptively showing compliance with the applicable guidelines as several of those parts were either directly or indirectly imported from China.
"During the search operations, evidence like digital data, books and other material have been recovered," the ministry said, adding that further investigation is on. End
Reported by Priyasmita Dutta
Edited by Ashish Shirke
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