A woman walks past a panel of Dewan Housing Finance Corporation (DHFL) in front of her office.
Suspecting money laundering in the Uttar Pradesh Employees’ Provident Fund (EPF) scam, the Law Enforcement Branch (ED) searched for documents from the US Treasury Board of Canada. Economic crime wing of Uttar Pradesh and will soon launch an investigation into the multi-crore EPF scandal involving the controversial Mumbai company, Dewan Housing Finance Limited (DHFL).
Several politicians and senior officials with close ties to the DHFL leadership could be blamed for breaking standards while investing hard-earned money by state employees in a private company.
The main sources of the EOW informed IANS that RIPs concerning the ETH scam had been provided to ED and that all incriminating documents related to the investigation would be handed over to the 39 central agency.
“During the investigation, links between 28 brokers and DHFL were uncovered.The documents seized by EOW indicate that through the intermediary of these brokerage companies, funds from PF employees (invested by the UPR Power Energy Employees’ Trust in DHFL) have been laundered, “said an UP group IPS officer, adding:” out of 28 companies, 14 seem suspicious, their addresses do not match. That could not be verified “.
The interrogation of the OW
In an attempt to unravel the relationship between the brokerage firm and DHFL, GMT officials interviewed two chartered accountants in Lucknow for their role in assisting with money laundering.
The EOW has collected evidence corroborating the involvement of brokerage firms in money laundering, these entities having been awarded 65 crores of rupees for commission to siphon money abroad.
The DE will now plunge into the overseas operations of DHFL, which has recently been declared bankrupt by Reserve Bank of India.
According to sources, in addition to former Principal Secretary (Energy) Alok Kumar, the current Secretary of Agriculture of the Union, Sanjay Agarwal, is also placed under the EOW scanner.
The senior IAS official, Alok Kumar, was recently removed from his position as Senior Secretary (Energy), while Sanjay Agrawal was reportedly interrogated in Delhi by the EOW. These two leaders, as the head of Uttar Pradesh Power Corporation, also headed the energy sector. Trust employees who violated the standards by deciding to invest EPF in a private company such as DHFL.
Sources said, however, that Sanjay Agarwal and Alok Kumar had denied any role in transferring EPF funds to accounts of the controversial DHFL firm.
The sources also said that no concrete statement had yet been made by the bureaucrats, but they hinted that there was “pressure” on the Trust to transfer contingency funds on the accounts of a particular company.
At the same time, Shailendra Dubey, president of the All India Power Engineers Association, told IANS that senior officials should be properly interviewed by agencies to extract specific information on the transfer of funds from Power Employees Trust to the DHFL.
Prime Minister of Uttar Pradesh, Yogi AdityanathIANS
Employees have the right to know that on instruction or under the pressure of which their money has been deposited with a bankrupt company, said Shailendra Dubey.
“We are still awaiting the order of Chief Minister Yogi Adityanath regarding the transfer of the EOW probe to the IWC.
“On November 2, CM Yogi said the government would investigate the swindle of the IWC.However, until now, the Prime Minister’s Office has given no assurance as to the transfer of the IWC. IWC file, “said Dubey, who leads the employees. protest the government’s decision to risk employee money by investing their provident fund in a shady business.
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