Former MD Mishra arrested in UPPCL PF investment scam

LUCKNOW : The state police’s Economic Offence Wing (EOW) on Tuesday arrested former managing director of Uttar Pradesh Power Corporation Limited (UPPCL) AP Mishra for his alleged role in the multi-crore PF investment scam, said senior police officials.

They said the EOW would also probe the role of all five members of the board that cleared the investment of power employees’ provident fund contribution in the Mumbai-based unsecured private housing finance company DHFCL.

The board members were senior IAS officer Sanjay Agarwal, who was the then chairman of the UPPCL, the then MD AP Mishra, UPPCL Employees Trust secretary Praveen Kumar Gupta and director of finance Sudhanshu Dwivedi and one Satya Prakash Pandey, who was personnel and administration officer.

Director General (DG) of EOW Rajendra Pal Singh said the former managing director was taken into custody from his Lucknow residence on Tuesday. The DG said the probe so far had hinted his involvement and making alteration in the noting of the

UPPCL board meeting held on March 22, 2017 to justify the investment of power employees’ provident fund contribution in DHFCL. He said it was very surprising that Mishra forwarded his resignation on March 16, 2017, only five days after the formation of BJP government in the state. “Before it, he accepted the quotation of DHFCL on March 15, 2017 and quotations of two other companies on March 16, 2017. On March 16, 2017, the DHFCL quotation was also cleared and the first instalment of around ₹ 18 crore of the investment was transferred online to it on March 17, 2017,” he added. The DG said the board meeting comprising five members was conducted on March 22, 2017 to justify the investment. The board meeting was called for the first time in the two years, he added.

He said the board meeting was held on March 22, 2017 but in its noting the date was mentioned as March 24, 2017 while Mishra’s resignation was accepted on March 23, 2017. He said the overwriting in the documents undersigned by Mishra and other board members had been detected by the EOW team, following which charges of forgery were also established. The DG said the EOW team earlier revisited the State Power Sector Employees’ Trust office in Shakti Bhawan on Tuesday to collect some more documents that came to light during Mishra’s questioning. He said the EOW on Monday had seized 15 sets of documents.

Singh said Mishra will be brought face to face with two other arrested accused to clarify some more facts. He said the EOW had already applied for police remand of the two arrested accused UPPCL Employees Trust secretary Praveen Kumar Gupta and former director of finance Sudhanshu Dwivedi. He said the provision of the Prevention of Corruption Act (to the case) would be added. The state government had earlier announced it was forwarding its proposal for a CBI probe and asked the EOW to investigate the case till then.