The Allahabad High Court recently granted bail to the former General Manager of Uttar Pradesh Power Corporation Limited and prime accused in the Corporation’s EPF Scam, Parveen Kumar Gupta.
The Bench of Justice Pankaj Bhatia has granted him bail on the condition of his furnishing personal bonds and two reliable sureties of Rs.5,00,000/- each to the satisfaction of the court concerned.
The case in brief
In pursuance to an FIR registered in the case, Gupta was arrested by the EOW, Lucknow in November 2019, and a first charge sheet was filed against three persons, namely, the applicant, Sudhanshu Dwivedi, and Ayodhya Prasad Mishra in February 2020.
In the FIR, it was alleged that in December 2016, in a meeting of the Trustees of which the applicant was then the Secretary took the decision with regard to the investment of funds available with the trust. One of the said decisions was to invest, the funds in the company known as Dewan Housing Finance Limited (DHFL).
Subsequently, the CBI took over the investigation in August 2020, and it was allegedly found that the accused, along with his co-conspirators had allegedly misappropriated funds from the Uttar Pradesh State Power Sector Employees Gratuity Fund and the Uttar Pradesh State Power Sector Employees Pension Fund to invest in private sector entities in order to incur huge illegal commission.
Such illegal investments were allegedly done in abject violation of the Companies Act, 1956, Employees Provident Fund, and Misc….
