Nalco Head Abhay Kumar Srivastava Arrested on Bribery Charges

CBI arrested the CMD of the NALCO Mr. AK Srivastava and his wife for allegedly accepting bribe. The CBI arrested Srivastava and his wife Chandni Srivastava along with two accomplices, Bhushan Lal Bajaj and Anita Bajaj.

Abhay Kumar Srivastava appointed as a CMD in 2009, he is a mechanical engineer by profession and done his B. Tech in mechanical engineering and M. tech in industrial engineering from IIT, Delhi.

Mr. Srivastava has spent around 20 years of his life in National Thermal Power Corporation Limited. Further, he spent 5 years of his career working with Indian Petro Chemicals Corporation Ltd, a Navratan public sector under the ministry of chemicals and petro-chemicals.

The CBI arrested Srivastava when his wife was accepting an illegal gratification of three gold bricks, each weighing one kg, of 24 carat gold. His wife was accepting the bribe from the wife of a middleman who was brokering a deal between the CMD and a Madhya Pradesh-based private company.

At the time of the CBI raid, Srivastava’s wife, accompanied by the wife of the middleman, had just deposited the three gold bricks in a bank locker of the Bank of Maharashtra in the national capital.

The bank locker was in the name of the wife of the middleman. It was being operated by Srivastava’s wife “as benami”.

A search of the locker revealed seven more gold bricks of 1 kg each, golden ornaments weighing 188 grams and Indian currency of Rs.9.5 lakh. A search of Srivastava’s wife led to the recovery of Rs.5 lakh from her handbag and the key of another locker in the name of the wife of the middleman.

A search of the second locker led to recovery of Rs 15 lakh in cash.

The total recoveries amount to 10.188 kg gold and Rs 29.5 lakh in cash. The total value of the seizures works out to approximately Rs.2.43 crore at current prices of gold.

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