BI has arrested the NALCO Chairman

Abhay-Kumar-Srivastava-nalcoThe chairman and managing director of National Aluminium Company Ltd (NALCO) Mr. Abhay Kumar Srivastava has been arrested by the Central Bureau of Investigation (CBI) today. He has been accused of taking bribe and corruption. He was involved in taking bribes in the form of gold bricks.

With him his wife Chandni Srivastava and two assistants were also arrested by the agency.

In the investigations, the agency has captured more than 10kg of gold bricks worth Rs 2.11 crore. The CBI has not only found Rs 29.5 lakh cash from his lockers but also found records of holding properties at Delhi and Bhubaneswar. Tomorrow all the four accused will be produced before a Delhi court.

NALCO is a Navratna PSU and a flagship company in the Ministry of Mines. It is one of the best companies and last year in December it had achieved Award for the Best Listed PSU from Prime Minister Dr. Manmohan Singh. It has received this award for its superb performance in important value addition to its shareholders. But this incident has hampered the reputation of the company immensely.