2,267 Crore DHFL Scam in UP: Police Arrests Retired Officer

Former UPPCL MD Ayodhya Prasad
Former UPPCL MD Ayodhya Prasad

Former UPPCL MD Ayodhya Prasad Mishra has been arrested by the Yogi Adityanath government in relation to the Rs.2,267 crore DHFL scam. Mishra, who is apparently close to former Uttar Pradesh CM Akhilesh Yadav, has been termed as a key conspirator in the scam. 

Yadav, in turn, has demanded Adityanath and minister Shrikant Sharma to resign owing to their failure in detecting the scam for the past two and a half years.

Akhilesh Yadav appointed Mishra as the MD of UP Power Corporation in 2012. The latter held the post for five years (with 3 extensions). He gave in his resignation in 2017, within four days of the current CM taking over.

The BJP is of the view that the accused is a key conspirator because it was under his watch that the UPPCL employees’ trust first started to invest the retirement funds in entities other than nationalized banks. The ruling party also said that an investment in PNB Housing in 2016 was approved by Mishra.

Back in 2014, the UPPCL board of trustees had made a decision to explore options beyond fixed deposits of nationalized banks in order to get better returns. This, however, goes against the rules.

Akhilesh Yadav recently emphasized the fact that Mishra had displayed his disagreement with the decision of investing the retirement funds in DHFL.

According to the FIR lodged by the state government, the trustees did not seek Mishra’s approval or informed him about the matter when the first investment in DHFL was made in March 2017.

The former CM said “Read the dates in the FIR. Not even one rupee went to DHFL while our government was in power.”

Although the UPPCL MD is usually an IAS officer, Yadav appointment Mishra for the post despite not being an IAS officer.

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