The sleuths of the Central Bureau of Investigation (CBI) investigating the multi-crore rupees provident fund (PF) scam in Uttar Pradesh Power Corporation Limited (UPCCL) reportedly made a big breakthrough when they arrested Dewan Housing Finance Ltd (DHFL) promoters Kapil Wadhawan and Dheeraj Wadhawan, the two key accused in the case.
The arrest was made from Mumbai and both were produced by the CBI in the special court. The CBI team sought their police custody remand to grill them in the case.
Both Kapil and Dheeraj are alleged to have bought the Uttar Pradesh Power Corporation Ltd. (UPPCL) employees' provident fund amounting to over Rs 2,267 crore for illegal investment.
Special CBI Court Judge Vikram Singh decided to hand over both the accused to the CBI on seven days’ remand.
In the application seeking remand, the CBI said that in the initial investigation of the case, it was found that over Rs 2,267 crore of employees' provident fund had been misused.
Despite the notification of the finance ministry, the accused got a commission of crores of rupees by investing the provident fund money in DHFL. It was said that the information of those documents and mediums was to be obtained from the accused.
On the other hand, advocate Pranshu Agarwal, appearing for the defense, opposed the application. He said that half of the amount invested in DHFL had been paid and the accused were ready to pay the remaining amount.