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Home / Lucknow / Two more arrested in multi-crore PF scam

Two more arrested in multi-crore PF scam

lucknow Updated: Dec 13, 2019 23:38 IST
HT Correspondent
HT Correspondent
Hindustantimes
         

The state police’s Economic Offences Wing (EOW) on Friday arrested two more people in connection with the multi-crore UP Power Corporation Limited (UPPCL) employees’ provident fund scam.

Those arrested are chartered accounts identified as Ishant Agarwal and Manoj Goel, said an EOW official.

A week ago, sleuths had arrested seven, including a CA and six promoters of 14 brokerage firms hired to invest Rs 4,122. 5 crore in the Mumbai-based Dewan Housing Finance Corporation Limited (DHFL), said EOW officials.

One of the persons arrested last week had played a crucial role in getting registered multiple brokerage firms and helped in providing brokerage amount in connivance with former staff of the employees’ trust Praveen Kumar Gupta and his son Abhinav Gupta.

As many as 12 brokerage firms were registered in the names of Shyam Agarwal, Manoj Agarwal, Vikas Chawla, Sanjay Kumar, Arun Jain and Neeshu (All arrested). One firm was registered in the name of Shyam Agarwal’s wife, an official added.

The probe so far revealed that over ₹65 crore was paid as commission to 14 brokerage firms hired to invest ₹4,122.5 crore of UPPCL employees’ PF in multiple short-term fixed deposits with the DHFL since March 2017.