New Delhi, Oct 9 : The Central Bureau of Investigation has arrested five persons for causing an alleged loss of approximately Rs. 31.50 crore to Rail Land Development Authority (RLDA), an official said on Monday. The accused were identified as Vivek Kumar, then Manager, RLDA, Jaswant Rai, then Branch Head, Bank of Baroda, Vishwas Nagar Branch, Gopal Thakur, Hitesh Karelia and Nilesh Bhatt. The officials said that all the arrested accused were produced before the Court and were remanded to judicial custody. According to the CBI, a case was registered on a complaint from RLDA, a statutory body under Ministry of Railways against unknown public servants and unknown private persons on the allegations that RLDA had been put at a loss of nearly Rs 31.50 crore. 'It was alleged that RLDA had initially invested an amount of Rs 35 crore (approx) for one year in the form of Fixed Deposit (FD) at Bank of Baroda, Vishwas Nagar Branch, Shahdara, Delhi and thereafter, the maturity proceeds were supposed to be reinvested for a period of three months,' said the a CBI official. 'However, the bank invested only Rs 3.50 crore in Fixed Deposit (FD) and remaining Rs 31.50 crores were diverted to different shell companies with the connivance of Bank officials, RLDA Officials and Private Persons. Only the maturity proceeds of Rs 3.50 crore were reinvested for three months. This resulted in loss to RLDA,' said the official. 'It was further alleged that the officials of Bank of Baroda, Vishwas Nagar Branch, Delhi in conspiracy with other private persons based in Mumbai, Delhi & other locations had defrauded RLDA to the tune of Rs. 31.50 Crore (approx) which was entrusted to the bank for the purpose of investment, however, the same was misappropriated using forged letters/ advisories purported to have been issued by RLDA officials,' said the official. 'It was also alleged that the accused diverted the funds deposited with Bank of Baroda in the accounts of various Mumbai based shell companies and thereafter the same was withdrawn and misappropriated. The alleged role of officials of RLDA has also emerged in this case,' said the official. 'Searches were earlier conducted at 12 different places including at Delhi, Mumbai, Goa and Himachal Pradesh,' the official added. /IANS