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

In a big relief to the Uttar Pradesh Power Corporation Limited (UPPCL) employees, the state government has assured that it would ensure the return of provident fund money invested in scam-hit Deewan Housing Finance Limited (DHFL).

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

The notification said that in case UPPCL cannot pay the money, the state government will lend the required money to the corporation interest-free so that the employees' PF can be returned on time.

"Several steps will be taken to ensure that money invested by Uttar Pradesh power sector employees trust and UPPCL Central Provident Fund trust into DHFL is returned in time and upon receiving the money, a decision will be taken on its investment as per the rules," it said.

Several arrests have been made in connection with the alleged investment of Uttar Pradesh power employees' provident fund money in the scam-hit housing finance company.

The economic offences wing of the Uttar Pradesh police had also raided the residence of former UPPCL Managing Director (MD) AP Mishra.

According to available records, over Rs 2,600 crore of employees' General Provident Fund was invested in scam-hit DHFL.