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EPF scam: Former UPPCL MD AP Mishra arrested

"Mishra has been arrested... Economic Offence Wing of the state police is probing the matter and strict action will be taken against those involved in this case," Uttar Pradesh Director General of Police OP Singh told.

, ET Bureau|
Last Updated: Nov 06, 2019, 07.55 AM IST
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An official spokesman said that Mishra who was close to former chief minister Akhilesh Yadav was "sacked" from his post of MD on March 24, 2017
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NEW DELHI: Politics over the Rs 2,267-cr DHFL scam intensified on Tuesday after the Yogi Adityanath government arrested a retired officer, Ayodhya Prasad Mishra, who is considered close to former CM Akhilesh Yadav, and termed Mishra a key conspirator in the scam. Yadav hit back demanding resignations of Adityanath and power minister Shrikant Sharma for failing to detect the scam for the past two and a half years.

Mishra, former MD of UP Power Corporation (UPPCL), had occupied the post for five years and got three extensions since being appointed by Yadav in 2012. He had resigned from the post on May 23, 2017, within four days of Adityanath taking over as CM. Mishra wrote a book on Yadav which was unveiled by the then CM at his official residence.

The BJP said Mishra was a key conspirator in the scam since it was on his watch that the UPPCL employees’ trust first started investing retirement funds of employees in entities other than nationalised banks and that Mishra had approved an investment in PNB Housing in December 2016. Before this, in April 2014, the UPPCL board of trustees had decided to explore options other than fixed deposits of nationalised banks for better returns - which was against the laid-down rules.

However, Yadav stressed on Monday that Mishra had objected to the decision of investing employees’ retirement funds in DHFL. As per the first information report (FIR) lodged by the state government, when the first investment in DHFL was made on March 17, 2017, the trustees did not take Mishra’s approval or bring the matter to his knowledge. “Read the dates in the FIR. Not even one rupee went to DHFL while our government was in power,” said the former CM.

Yadav had resigned as CM on March 11, 2017, after the declaration of assembly election results while Adityanath was sworn in as CM on March 19.

Yadav slammed Adityanath and the state power minister for not detecting the scam and said they were responsible since they had been in power for nearly three years. “The CM wants the minister (Sharma) to go but he is a weak CM and cannot do so. I demand the resignation of the CM,” he said. “A sitting high court or Supreme Court judge should conduct an inquiry,” he said.

The MD of UPPCL is usually an IAS officer, but Mishra was appointed by Yadav even as he was not an IAS officer.


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