NALCO chief AK Srivastava sent to CBI custody

New Delhi:  AK Srivastava, the Chairman and Managing Director (CMD) of National Aluminium Company Ltd (NALCO) - a Public Sector Undertaking - who was arrested by the Central Bureau of Investigation (CBI) for a bribery case yesterday, was produced in court today along with three other accused. All four have been sent to police custody till March 3.

According to CBI, the agency had a tip-off that Srivastava was expecting a favour. The CMD had got his wife Chandni to accept an illegal gratification of three gold bricks, each weighing one kg. His wife had accepted this illegal gratification from the wife of a middleman who was brokering a deal between the CMD and Madhya Pradesh-based private group of companies.

At the time of CBI raid, the CMD's wife had just deposited the three gold bricks in a bank locker in Bank of Maharashtra, New Delhi.

The locker, which is in the name of wife of the middleman, was being operated by Chandni as benami.

A search of this locker resulted in a further recovery of seven more gold bricks of 1 kg each, golden ornaments weighing 188 grams and Rs. 9.5 lakh.

Personal search of the CMD's wife also led to a recovery of Rs. 5 lakh from her handbag and key to another locker. Further search of this second locker led to recovery of Rs. 15 lakh in cash.

The total recovery, including the gold at current prices, value at around Rs. 2.43 crore.

All the four accused - Chairman and Managing Director of NALCO, his wife, a middleman and his wife - were arrested. The agency is carrying out searches across the country.

Mr Srivastava was to chair a meeting of the NALCO Board of Directors today.