UP power company's illicit investment of Rs 2,300 crore in civil housing

Lucknow, Ta. November 3, 2019, Sunday

Akhilesh Yadav and Yogi Adityanath, in the two-state rule of Uttar Pradesh, between March 2017 and December 2018, a government power company paid Rs. Uttar Pradesh has been swamped by the outbreak of illegal investment of Rs 2,300 crore. Upon hearing of this, the state government has ordered an immediate CBI probe into the matter.

UP Power Corporation Ltd. has been working on this illegal investment issue. Lucknow police arrested two major accused and suspended employees of UPPCL, Praveen Kumar Gupta and Sudhanshu Dwivedi. Praveen Kumar Gupta was secretary of the UP State Power Employees Trust and the Provident Fund Trust of UPPCL while Dwivedi was the director (finance) of the organizations.

DHFL is being investigated by the Enforcement Directorate (ED) in connection with an investigation into the money laundering scam of runaway gangster Iqbal Maiman alias Iqbal Mirchi. Until the CBI starts investigating the case, the UP Economic Offices Wing will investigate the case and the Uttar Pradesh government has ordered the ED to cooperate with the investigation.

The two trusts of UPPCL have, in fact, contributed Rs. 4,100 crore was invested, but the company has invested Rs. 1,800 crore has been paid back to the power company. Thus, the electricity company now has Rs. As many as 2,267 crore are trapped.

Akhilesh Yadav and Congress general secretary Priyanka Gandhi Vadra questioned the Yogi government when the scandal broke out. In reply, Shri Kant Sharma, Cabinet Minister for Uttar Pradesh, lashed out at the opposition leader and said that till October 2016, both banks were holding funds in government banks.

But when Akhilesh Yadav was the chief minister, a decision was made to invest in private companies to seek greater returns. Both Gupta and Dwivedi had stayed in the trust's DHFL without informing the superiors.