UP govt will ensure return of UPPCL employees' money invested in DHFL

Uttar Presh Corporation Limited (UPPCL) employees, in what could be a big relief, have been ensured  return of provident fund money invested in scam-hit Deewan Housing Finance Limited (DHFL).

"If re are any issues with return of money from DHFL, Uttar Presh Power Corporation Limited (UPPCL) will pay money to ensure timely payment," government said in a tification on Saturday.

tification stated that state government will lend required money to corporation interest-free so that employees' PF can be returned on time. "Several steps will be taken to ensure that money invested by Uttar Presh power sector employees trust and UPPCL Central Provident Fund trust into DHFL is returned in time and upon receiving money, a decision will be taken on its investment as per rules," it said.

Yogi ityanath-led BJP government on Saturday h also promised that it will return money of UPPCL employees in connection with investment of over Rs 2,600 crore of state power employees' provident fund. Several arrests have been me in connection with alleged investment of Uttar Presh power employees' provident fund money in scam-hit housing finance company.

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About EPF Scam

As per documents seized by EOW, Sanjay Agarwal, n ditional Chief Secretary of UP (Energy) and Chairman of UP Power Corporation Limited (UPPCL), was heing Employees' Trust in which gigantic scam took place. What makes matters worse for top Union government Secretary is mounting pressure from thousands of state government employees and labour unions to initiate action against bureaucrats responsible for investing ir hard-earned money in a controversial private firm, Dewan Housing, and Finance Limited (DHFL).

documents show that in March 2017, five top officials of UPPCL, led by Sanjay Agarwal (as Chairman of Trust), were present in an important Trust meeting that allegedly took crucial decision of investing provident fund money in DHFL. Out of five officials, three, including n Managing Director of UPPCL, AP Mishra, have been arrested by EOW. power employees' unions, which have threatened to go on a state-wide strike, are w demanding swift action against top officials of power department who threw rms to wind and opted for a company like DHFL to invest provident fund of employees.

According to available records, Rs 2,631.20 crore of employees' General Provident Fund was invested in DHFL out of which Rs 1,185.5 crore has been returned by finance company. A total of Rs 1,491.50 crore of Contributory Provident Fund was invested in company out of which Rs 669.30 crore has been received by trust and DHFL is allegedly yet to return Rs 2,267.9 crore (principal amount) of GPF and CPF to trust.

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(With Inputs from ANI)