UP govt invested Rs 2600-crore employees' fund in tainted DHFL linked to Iqbal Mirchi: Report
5 years, 2 months ago

UP govt invested Rs 2600-crore employees' fund in tainted DHFL linked to Iqbal Mirchi: Report

India Today  

Uttar Pradesh government's alleged dealing with controversial Mumbai company, Dewan Housing Finance Corporation Limited, has caused a stir in Lucknow. In a questionable decision, the state-owned UP Power Corporation Ltd has reportedly invested its employees' fund worth over Rs 2,600 crore with DHFL, whose promoters have been recently grilled by the Enforcement Directorate for their links with a front company of Iqbal Mirchi, a former aide of Dawood Ibrahim. Admitting serious financial irregularities in UPPCL employees provident fund, Principal Secretary Alok Kumar told IANS late Friday that the Uttar Pradesh government has initiated a vigilance probe into the matter. Besides, Director in Energy Department Sudhir Arya has been authorised to initiate legal action into the transfer multi-crore funds from employees trust to Wadhawan's company DHFL. In a letter to the UPPCL Chairman, several employees unions have questioned the decision of investing money related to the General Provident Fund and Contributory Provident Fund of employees with DHFL.

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History of this topic

DHFL's Rs 34,615-Crore Fraud: A Look At India's Biggest Bank Fraud Case
2 years, 6 months ago

DHFL's Rs 34,615-Crore Fraud: A Look At India's Biggest Bank Fraud Case

News 18  

As the Central Bureau of Investigation has filed a new case against earstwhile DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan for defrauding a consortium of 17 banks led by Union Bank of India for Rs 34,615 crore, it has become the biggest bank fraud case registered by the agency. The agency booked the Dewan Housing Finance Corporation Ltd, Kapil Wadhawan, …

UP PF Scam: CBI seeks sanction to probe Union power secretary, agriculture secretary in Rs 2,268 crore PF scam
2 years, 11 months ago

UP PF Scam: CBI seeks sanction to probe Union power secretary, agriculture secretary in Rs 2,268 crore PF scam

India TV News  

The Union power secretary Alok Kumar and agriculture secretary Sanjay Agarwal may soon be repatriated to their cadre state Uttar Pradesh where the CBI has sought sanction to investigate them in a Rs 2,268 crore PF scam, as per media reports. The CBI has sought the sanction to probe the two officers in a case relating to illegally investing the …

CBI seeks sanction to investigate union agriculture and power secretaries
2 years, 11 months ago

CBI seeks sanction to investigate union agriculture and power secretaries

Hindustan Times  

NEW DELHI: The Central Bureau of Investigation has sought sanction to investigate senior IAS officers including Union agriculture secretary Sanjay Agarwal, power secretary Alok Kumar and Aparna U, currently posted as mission director, National Health Mission in Uttar Pradesh, in connection with its probe into alleged irregularities in the investment of Employees’ Provident Fund of Uttar Pradesh Power Corporation Ltd …

DHFL promoters barred from market
4 years, 3 months ago

DHFL promoters barred from market

Live Mint  

The Securities and Exchange Board of India on Tuesday barred promoters of Dewan Housing Finance Corp. Ltd from the securities market, accusing them of indulging in fraudulent transactions and misleading investors by releasing false financial statements for over a decade. The financial impact of the fraudulent transactions is ₹14,046 crore, which is the outstanding loans in the books of DHFL …

Punjab and Sind Bank declares DHFL loan account as fraud
4 years, 4 months ago

Punjab and Sind Bank declares DHFL loan account as fraud

Live Mint  

Public sector lender Punjab and Sind Bank on Wednesday said it has declared its exposure of ₹815.44 crore to Dewan Housing Finance Corp Ltd as fraud. ".it is informed that a non-performing asset account -- Dewan Housing Finance Corporation Limited -- with outstanding dues of ₹815.44 crore has been declared as fraud and reported to RBI as per regulatory requirement. …

UP government will pay back PF money invested in DHFL: Adityanath
5 years, 1 month ago

UP government will pay back PF money invested in DHFL: Adityanath

India TV News  

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday said that his government will pay back the Provident Fund money of state power corporation employees invested in the scam-hit DHFL by confiscating properties of those responsible for the irregularities. The properties of all those involved in this scam will be confiscated and every single paisa of each and every employee will …

EPF scam: Yogi govt promises to return money of UPPCL employees
5 years, 1 month ago

EPF scam: Yogi govt promises to return money of UPPCL employees

India Today  

The Yogi Adityanath-led BJP government on Saturday promised that it will return the money of UPPCL employees in connection with the investment of over Rs 2,600 crore of the state power employees' provident fund in scam-hit housing finance firm DHFL. Uttar Pradesh Principal Secretary Energy on Saturday assured that if the money is not received from DHFL under the legal …

EPF scam: Two more arrested by EOW, sent to 14-day judicial custody
5 years, 1 month ago

EPF scam: Two more arrested by EOW, sent to 14-day judicial custody

India Today  

Two more people were arrested in connection with UP Power Corporation Limited employees provident fund of Rs 2,631.20 crore investment in tainted DHFL. Former managing director of the UPPCL AP Mishra who had occupied the post for five years and got three extensions during Akhilesh Yadav's regime was also arrested by the EOW in the case. Meanwhile, angry over their …

Rs 4,000-cr EPF scam: Adityanath govt removes UPPCL chairman Alok Kumar
5 years, 2 months ago

Rs 4,000-cr EPF scam: Adityanath govt removes UPPCL chairman Alok Kumar

Business Standard  

Even as the UP Police's Economic Offences Wing continues to grill three key officials in the Rs 4,000 crore Employees' Provident Fund scam, the Yogi Adityanath government on Friday night finally removed the UP Power Corporation Ltd Chairman Alok Kumar from his post. Besides heading UPPCL, Alok Kumar, a senior IAS officer, was also the Principal Secretary, considered an important …

EPF-scam: UP Power minister slaps defamation notice on PCC chief
5 years, 2 months ago

EPF-scam: UP Power minister slaps defamation notice on PCC chief

India TV News  

Uttar Pradesh Power Minister Shrikant Sharma on Thursday sent a defamation notice to UPCC president Ajay Kumar Lallu giving him an ultimatum to apologise within 24 hours for making "indecent allegations" against him regarding the Rs 2,600 crore EPF scam in the state power department. "The notice has been sent to the Congress leader by the energy minister for making …

Two officials sent to 3-day police remand in EPF scam
5 years, 2 months ago

Two officials sent to 3-day police remand in EPF scam

India TV News  

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 Sudhanshu Dwivedi -- arrested in connection with the Rs 4,000 crore Employees' Provident Fund scam were sent to a three-day police remand by the court on Wednesday. Another official arrested in the scam -- AP …

UPPCL EPF scam: Priyanka questions BJP, UP govt's complicity
5 years, 2 months ago

UPPCL EPF scam: Priyanka questions BJP, UP govt's complicity

India TV News  

With new evidence surfacing in the EPF scam in state-owned Uttar Pradesh Power Corporation Ltd, Congress leader Priyanka Gandhi Vadra on Tuesday questioned the BJP's "silence" in the case and asked the state's Yogi Adityanath government to come clean on it. Acting swiftly after the scam came to light, the Yogi government registered an FIR and arrested two senior officials …

PF scam: UPPCL managing director transferred
5 years, 2 months ago

PF scam: UPPCL managing director transferred

India TV News  

The Adityanath government has removed power secretary and managing director of the Uttar Pradesh Power Corporation Limited late on Sunday night. The move comes after the Opposition attacked the BJP government over investments of over Rs 2,600 crore of the employees provident fund of the UPPCL in scam-hit housing fiance firm DHFL. M Devraj, who has returned from central deputation, …

PF scam: ‘Multiple lapses led to investment in shady firm going undetected’
5 years, 2 months ago

PF scam: ‘Multiple lapses led to investment in shady firm going undetected’

Hindustan Times  

The illegal investment of Uttar Pradesh power employees’ provident fund contribution in a Mumbai-based unsecured private housing finance company DHFCL, now a declared defaulter, appears to be a clear case of multi-level lapses resulting in continuance of the scam for two-and-a-half years, people associated with the state’s power sector alleged. HT Image Right from the employees and pensioners’ representatives, who …

Akhilesh takes on Yogi govt over UPPCL PF scam, questions investment in DHFL
5 years, 2 months ago

Akhilesh takes on Yogi govt over UPPCL PF scam, questions investment in DHFL

India Today  

Samajwadi Party chief Akhilesh Yadav on Sunday hit out at the BJP government over the alleged provident fund scam in Uttar Pradesh Power Corporation Ltd. Yadav said Chief Minister Yogi Adityanath led corrupt BJP government was looking for excuses to divert the public attention and was engaging in vendetta politics by levelling baseless accusations at the previous state government. Lambasting …

UPPCL funds invested in tainted company
5 years, 2 months ago

UPPCL funds invested in tainted company

India Today  

After provident funds of Uttar Pradesh Power Corporation Limited employees were reportedly invested in a tainted company, the state power minister, Srikant Sharma assured that strict action will be taken against those responsible. Issuing a statement on Twitter, Srikant Sharma said, "Investing employees provident fund money is a serious matter. "The BJP led government in UP invested the provident fund …

Employees' money in UP invested in Mirchi-linked firm of Wadhawans
5 years, 2 months ago

Employees' money in UP invested in Mirchi-linked firm of Wadhawans

India TV News  

Uttar Pradesh government's alleged dealing with controversial Mumbai company, Dewan Housing Finance Corporation Limited, has caused a stir in Lucknow. In a questionable decision, the state-owned UP Power Corporation Ltd has reportedly invested its employees' fund worth over Rs 2,600 crore with DHFL, whose promoters have been recently grilled by the Enforcement Directorate for their links with a front company …

DHFL crisis deepens: Govt likely to order SFIO probe into mortgage firm's financial irregularties
5 years, 2 months ago

DHFL crisis deepens: Govt likely to order SFIO probe into mortgage firm's financial irregularties

Firstpost  

The government is likely to order an SFIO probe on the financial irregularities at troubled mortgage firm DHFL soon, an official said New Delhi: The government will soon order an SFIO probe into alleged financial irregularities at debt-ridden mortgage firm DHFL after a report by the Registrar of Companies indicated fund diversion, a source said. The Mumbai office of the …

DHFL audit firm TP Ostwal & Associates likely to come under scanner of SEBI, RBI after giving clean chit to company
5 years, 2 months ago

DHFL audit firm TP Ostwal & Associates likely to come under scanner of SEBI, RBI after giving clean chit to company

Firstpost  

KPMG, which carried out the forensic audit, has submitted a draft report to the lenders, which has reportedly found the DHFL promoters had diverted nearly Rs 20,000 crore to its related entities. The banking and securities markets regulators may ask the views of audit firm TP Ostwal & Associates that reportedly gave clean chit to DHFL in March this year …

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