Arrested Noida chief engineer Yadav Singh had 512% more assets than his income: CBI
The CBI had registered case against Yadav Singh and his family members on July 30, 2015, on the directions of the Allahabad high court.noida Updated: Sep 27, 2017 12:25 IST
The CBI on Tuesday charged Yadav Singh, former chief engineer of Noida and Greater Noida, of amassing assets that were 512.66% disproportionate to his known sources of income.
The agency probe found that Yadav Singh and his family members allegedly incorporated three private limited companies, three proprietary firms and a charitable trust to launder their black money.
Investigators say income shown in these companies and firms was allegedly found to be managed through ‘accommodation entries’ after providing equivalent amount of cash through chartered accountants. The means adopted for alleged laundering included showing the money as unsecured loan, share application money or selling of shares at a premium.
Besides Yadav Singh, the agency named also his wife Kusum Lata, daughters Garima Bhushan and Karuna Singh, son Sunny Yadav, daughter-in-law Shrestha Singh and a chartered accountant Mohan Lal Rathi as accused in the case.
Three firms — Kusum Garments, KS Ultratech and Hitchki Creations and the ‘PGP Charitable Trust’ have also been named as accused.
“Investigation revealed that during the period from April 1, 2004 to August 4, 2015, then chief engineer and his family members were found in possession of disproportionate assets worth Rs 23.15 crore which was disproportionate to the extent of 512.66 percent to his known sources of income,” said a CBI spokesman.
The CBI had registered the case against Yadav Singh and his family members on July 30, 2015, on the directions of the Allahabad high court.
Immediately after the registration of the FIR, the agency conducted searches at 16 locations in Noida, Agra and Lucknow. The searches led to the recovery of three immovable properties each of Yadav Singh and his son and 19 immovable properties of his wife.
The probe revealed that the family of Yadav Singh purchased jewellery of around Rs 1 crore during the period under investigation.
Yadav Singh was arrested by the CBI in February 2016. He is also charged with criminal conspiracy, cheating and forgery under the IPC. He is also accused of abusing his position and bribery under the Prevention of Corruption Act. Singh is in jail for Noida’s tender scam in which he has awarded tender of cable laying along one of Noida’s main roads - Udyog Marg.