Ex-U.P. official gets bail in PF scam

No evidence of money trail linked to him, says Allahabad HC

Noting that no evidence of a money trail involving him was yet unearthed by the CBI, the Allahabad High Court has granted bail to a former top official of Uttar Pradesh in an alleged provident fund scam worth crores. Justice Dinesh Kumar Singh granted bail to Ayodhya Prasad Mishra, the former managing director of the Uttar Pradesh Power Corporation Limited (UPPCL). Mr. Mishra and other officials of the UPPCL were accused of investing the money from the gratuity and pension funds of the state power sector employees in private sector companies in an illegal and mala fide manner to earn huge illegal commission in violation of the provisions of the Companies Act, Employees Provident Fund and Misc. Provisions Act, 1952 and provisions of the Indian Trust Act, 1882.