NALCO chief A K Srivastava remanded to CBI custody

CBI arrested A K Srivastava for allegedly demanding and accepting bribes in the form of gold bricks.

A Delhi court on Saturday remanded National Aluminium Company Ltd (NALCO) Chairman and Managing Director Abhay Kumar Srivastava and three others including his wife in the custody of Central Bureau of Investigation (CBI) till March 3 in a bribery case.

“The case is required to be thoroughly investigated and for that sustained interrogation of the accused persons is required. Accordingly,I am satisfied that prayer for police custody of accused persons is justified,” Special CBI judge O P Saini said.

The CBI on Friday arrested Srivastava for allegedly demanding and accepting bribes in the form of gold bricks. The agency,which also arrested his wife Chandni Srivastava along with two accomplices,claimed to have seized just over 10 kg of gold bricks worth Rs. 2.11 crore and cash worth Rs. 29.5 lakh from lockers and the residential premises of the accused in Delhi and Bhubaneswar.

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NALCO,a Navratna PSU and a flagship company under the Ministry of Mines,received the Best Listed PSU Award for its excellent performance in significant value addition to its shareholders, from Prime Minister Manmohan Singh in December last year.

Srivastava,who joined NALCO as CMD in 2009,was arrested near the UPSC at Shah Jahan Road in the capital near a branch of the Maharashtra Bank. Investigators found 10 kg of gold from his locker at the bank.

The CBI said that he with his wife were apprehended while demanding 3 kg of gold in bribe,agency spokesperson and DIG Binita Thakur said. His wife had accepted the bribe on his behalf, she said.

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