The CBI has filed a chargesheet against former Indian Rail Finance Corporation (IRFC) chairman and managing director Amitabha Banerjee for alleged irregularities in the purchase of gift items at exorbitant prices, officials said on Tuesday.

The Central Bureau of Investigation (CBI) submitted its findings to a special court here after nearly three months of probe against Banerjee, they said, adding that the agency has invoked provisions of the Prevention of Corruption Act against him.

Banerjee, who joined the public sector undertaking (PSU) as its managing director in 2019 before being elevated as the CMD, was sacked last year over alleged financial misconduct and misuse of position, the officials said.

The probe against him was initiated on the basis of inputs received by the railways' vigilance department, which showed the purchase of gold coins and other non-gold items meant for distribution as gifts at exorbitant prices, they said.

Union Minister of Railways Ashwini Vaishnaw had given the nod for the CBI probe.

The IRFC is a PSU owned by the railways. It lends money to the national transporter for the purchase of rolling stock and, of late, for the creation of infrastructure assets.

During the investigation, the federal agency found a violation of guidelines and charged Banerjee with criminal misconduct under the Prevention of Corruption Act, the officials said.

The CBI found that there were no standard operating procedures or laid-down rules for the purchase and distribution of such costly items provided by IRFC officials.

The railways' vigilance department had alleged that IRFC officials, during their examination, were not "willing to disclose" the list of the recipients of the gift items procured with public money, which prima facie appeared to be a "clear case of financial embezzlement on part of the officials".

"Being a finance company, the complete disregard to financial propriety in this issue points at possible mens rea (intention or knowledge of wrongdoing that constitutes part of a crime) on the part of IRFC officials, including the then CMD. Railway Board Vigilance could not be in a position to develop the case further as IRFC officials have not given a list of beneficiaries," the complaint alleged.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.