STOCK MARKET BSE NSE

Bail plea of former UPPCL MD Ayodhya Prasad Mishra rejected

Passing the order, Justice Dinesh Kumar Singh said that Mishra is an influential person and the money trail is yet to be completely discovered.

Published: 10th April 2020 08:11 PM  |   Last Updated: 10th April 2020 08:11 PM   |  A+A-

Gavel, Court hammer, law

For representational purposes

By PTI

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.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp