CBI Court Convicts Former SAIL AGM for Disproportionate Assets

A special court for Central Bureau of Investigation (CBI) in Visakhapatnam has convicted Steel Authority of India Ltd. (SAIL)’s former AGM, Ragam Kishore, in a long-pending disproportionate-assets (DA) case. He has been sentenced to three years of simple imprisonment along with a fine of ₹1 lakh. 

What the Court Found

The court examined assets amassed by Ragam Kishore between 1 January 1988 and 19 April 2000**, when he was serving in various capacities at SAIL. It concluded that movable and immovable properties held in his and his family’s names — amounting to about ₹60.25 lakh - were disproportionate to his known sources of income, and the accused failed to provide a satisfactory explanation. 

Legal Consequences & Confiscation Order

Beyond the prison sentence, the court has ordered CBI to begin confiscation proceedings under the relevant laws to seize assets worth approximately ₹43.56 lakh, deemed proceeds of illicit enrichment. 

Background — Long-Standing Case

The case was registered by CBI on 17 July 2001, after preliminary investigations revealed serious discrepancies between Kishore’s declared income and his actual assets. The trial, spanning more than two decades, culminated in the conviction on 2 December 2025. 

Implications for Corruption and Asset Recovery

• This verdict underscores the persistence of Indian courts and investigative agencies in pursuing long-pending corruption and DA cases. Despite the passage of decades, accountability was enforced.
• For public-sector employees and officials, the outcome reinforces the risks of unexplained asset accumulation and the long reach of anti-corruption laws.
• From a systemic perspective, confiscation of illicit wealth remains a critical tool to recover public resources lost to fraudulent enrichment.

About Shunyatax Global: Shunyatax Global provides authoritative reporting and analysis on regulatory enforcement, financial-crime, corporate governance and asset-recovery developments across India. For expert insights and advisory services, visit Shunyatax Global Services.