On Thursday, the Economic Offences Wing (EOW) arrested an accountant from Delhi in connection with the money laundering case of the Uttar Pradesh Power Corporation Limited (UPPCL) employees' provident fund. The UPPCL-DHFL fraud had surfaced last year where there was an alleged investment of UPPCL employees' provident fund money in the scam-hit housing finance company DHFL. The accused who has been arrested has been identified as Lalit.
The Economic Offences Wing (EOW) of the Uttar Pradesh Police back in November had conducted a raid at the residence of former Uttar Pradesh Power Corporation Ltd (UPPCL) Managing Director AP Mishra in connection with the scam. Mishra was arrested apart from two senior officials Praveen Kumar Gupta, former Secretary of the UP State Power Employees Trust, and UPPCL's Provident Fund Trust, and UPPCL's erstwhile Director (Finance) Sudhanshu Dwivedi.
After the UPPCL scam had surfaced, the Uttar Pradesh Chief Minister had stated that his government would pay back the Provident Fund money of the state power corporation employees invested in the scam-hit DHFL by confiscating properties of those responsible for the irregularities. "We will not harm the interests of any employees," he had stated.
"The mastermind of the PF scam was a favourite officer of the previous (SP) government. Our government has put him behind bars". He said that "there is zero-tolerance for crime and corruption" in the state.
As per the documents seized by the EOW, Sanjay Agarwal, the then Additional Chief Secretary of UP (Energy) and Chairman of UP Power Corporation Limited (UPPCL) was heading the Employees' Trust in which the gigantic scam surfaced. The documents show that in March 2017, five top officials of the UPPCL, led by Sanjay Agarwal (as Chairman of the Trust), were present in an important Trust meeting that allegedly took the crucial decision of investing provident fund money in DHFL. According to available records, Rs 2,631.20 crore of employees' General Provident Fund was invested in DHFL.