LUCKNOW: The Lucknow bench of Allahabad High Court on Friday rejected the bail plea of former UPPCL managing director Ayodhya Prasad Mishra, presently in jail in connection with the investment of crores of rupees of the State Power Employees' Provident Fund ( EPF) in the scam-hit housing finance firm DHFL.
Passing the order, Justice Dinesh Kumar Singh said that Mishra is an influential person and the money trail is yet to be completely discovered.
The court had heard the arguments on behalf of Mishra and the state lawyer prior to the closure of the high court due to the imposition of lockdown.
Pronouncing the order on Friday, the court said, "The present case involves a scam of huge magnitude involving the money of 42,000 employees of three electricity corporations who had invested it with a hope that they would get good return on it at the time they would need money."
The trust has been breached in criminal conspiracy by the accused which has resulted in huge loss to the employees.
"The accused (Mishra) is an influential person. The money trail is yet to be completely discovered and, therefore, at this stage, the accused-applicant cannot be released on bail," it added.
Mishra was arrested in the first week of November 2019 by the Economic Offences Wing.
The FIR was lodged with Hazratganjh police regarding the incident.