Ex-Nalco chief, wife convicted in graft case | India News

NEW DELHI: In a high-profile case of corruption towards a senior govt govt, an ED particular court docket Monday convicted Abhay Srivastava, a former chairman and managing director of public sector endeavor Nalco, his wife Chandni and two associates below the anti-money laundering legislation for allegedly receiving bribes from contractors in provide of two lakh tonne of washing coal.The conviction got here 14 years after CBI booked the previous CMD of National Aluminium Company Limited (Nalco) below the Prevention of Corruption Act. Later, ED investigated a cash laundering case towards the unlawful gratification obtained by him and seized 10 gold bars of 1 kg every from a financial institution locker allegedly operated by Chandni.The court docket upheld the ED probe and famous the illicit funds have been layered and hid by buy of gold bars which have been saved at a Bank of Maharashtra Delhi department.“This court finds there was prior concert and coordination among the four accused — Srivastava and (his close associate) BL Bajaj both involved their wives to conceal gold bars of one kg each by keeping in a bank locker taken in the name of Anita Bajaj. However, it was being operated by Chandni Srivastava… Therefore, this court is of the considered view that there is sufficient evidence on the record establishing that all the accused conspired with each other in commission of offence of money laundering,” particular choose Shailender Malik famous in his judgment.“ED said it has successfully demonstrated that the illegal gratification was generated when Srivastava accepted illicit payments through Bajaj in connection with the coal supply tender floated by Nalco,” the choose mentioned.The case is expounded to the Nalco tender issued for buy of two lakh tonne of washing coal from its captive energy plant at Angul in Odisha in 2010. Four firms utilized, of which two have been rejected on the technical bid stage. Maheshwari Brothers Coal Ltd and Bhatia International Ltd have been accepted by appearing CMD BL Bagda, for putting earlier than the committee of administrators, to be chaired by Srivastava.The court docket took cognisance of cellphone calls intercepted by CBI, the place it was acknowledged that Rs 1.2 crore (at fee of Rs 150/tonne for 80,000 tonne) was determined as unlawful gratification from Bhatia International Ltd for Srivastava as an award for contract.