NALCO CMD Abhay Kumar Srivastava being taken by CBI sleuths to the Patiala House Courts after recovering ₹30 lakh in cash and about 10 kg of Gold worth ₹2 crore from them, in New Delhi in February 2011.
| Photo Credit: The Hindu
The Enforcement Directorate has secured conviction in a money laundering case involving Abhay Kumar Srivastava, former chairman-cum-managing director (CMD) of National Aluminium Company Limited (NALCO), and others.
Among those arraigned in the case were Mr. Srivastava’s wife Chandni Srivastava, Bhushan Lai Bajaj, and his wife Anita Bajaj. “The conviction was pronounced on Monday, July 21, 2025, by the Special Judge (Prevention of Corruption Act)… under provisions of the Prevention of Money Laundering Act…,” the agency said.
The ED had initiated investigation based on a first information report registered by the Central Bureau of Investigation against Mr. Srivastava and others, alleging acceptance of illegal gratification.
Money laundering accusations
“It was alleged that B.L. Bajaj acted as an intermediary to receive bribes from G.S. Bhatia of the Bhatia Group of Companies in return for extending undue official favours. Accused Chandni Srivastava, using forged identity documents and forged signatures of Anita Bajaj, impersonated her to open a bank account and locker. The CBI subsequently seized movable assets, including gold bars and cash, from the said locker,” the ED said.
During the probe, the ED attached movable assets belonging to Mr. Srivastava worth over ₹2.23 crore and filed a prosecution complaint against him and others on March 31, 2015. During the court proceedings, the ED “successfully demonstrated that illegal gratification” was generated when Mr. Srivastava accepted illicit payments through Mr. Bajaj in connection with a coal supply tender floated by NALCO. “The illicit funds were layered and concealed through the purchase of gold bars, which were stored in a bank locker,” it said.
“The court acknowledged the sophisticated modus operandi adopted by the accused. The laundering process included the use of a benami bank locker in the name of Anita Bajaj, which was opened and operated by Chandni Srivastava using forged identification documents and impersonation. The court accepted the statutory presumption that the POC [Proceeds of Crime] were involved in money laundering and that the burden to prove otherwise was not discharged by the accused,” said the ED.
Published – July 22, 2025 12:43 am IST
