The economic offences wing (EOW) of Uttar Pradesh Police has arrested seven accused in the UP Power Corporation Limited (UPPCL) employees’ provident fund (PF) scam, in which Rs 4,122 crore was illegally parked with private lender Dewan Housing Finance Corporation Limited (DHFL).
Those arrested included a senior DHFL official, a chartered accountant and the owners of bogus brokerage firms. With the new arrests yesterday, the number of those rounded up in the case has risen to 12.
While Rs 4,122 crore was invested in DHFL as unsecured term deposits by the two trusts managing the PF of the power employees between March 2017 and December 2018, about Rs 2,267 crore is still to be repaid by the company, which has been barred by the Bombay High Court from making fresh repayments.
