UPPCL PF scam: HC rejects bail pleas of ex-director, another
The employees’ PF of Rs 4,122.5 crore was invested in the Mumbai-based firm between March 2018 and October 2019 in violation of norms.Updated: Apr 08, 2020 12:05 IST
The Lucknow bench of the Allahabad high court on Tuesday rejected the bail pleas of Sudhanshu Dwivedi and Vikas Chawla, accused in multi-crore Uttar Pradesh Power Corporation Ltd(UPPCL) provident fund (PF) scam.
Dwivedi had served the corporation as its director (finance) from June 2016 to June 2019 while Chawla had allegedly received Rs 5.69 crore as brokerage from a private firm Dewan Housing Finance Ltd (DHFL).
The employees’ PF of Rs 4,122.5 crore was invested in the Mumbai-based firm between March 2018 and October 2019 in violation of norms
Justice Dinesh Kumar Singh pronounced the reserved order on Tuesday from his residence on both the bail applications moved separately, additional advocate general (AAG) Vinod Kumar Shahi said.
On November 2, 2019, an FIR was lodged in connection with the scam under charges of embezzlement and cheating against one Praveen Kumar Gupta, former secretary of the UP Power Sector Employees’ Trust, and Sudhanshu Dwivedi in Hazratganj police station here. Name of Vikad Chawla came to light in connection with the case during the investigation.
The allegations were that the accused in violation of the relevant provisions of law had invested huge amount of two funds- Uttar Pradesh Power Sector Employees General Provident Fund and UPPCL Contributory Provident Fund in DHFL—a company incorporated under the Companies Act.
The investigation revealed that the investment had been made by the accused for personal gain and that they received the huge amount from DHFL as commission, said in the court’s order.
Opposing the bail pleas on behalf of the state government, AAG Shahi contended that the management and investment of the GPF/PPF amount of all the employees of the corporation was required to be carried out in conformity with the concerned rules and notification which was not done by the accused.
Manoj Kumar Singh