Former Nalco Chief and Wife Convicted in Money Laundering Case

A special court has delivered a significant verdict in a high-profile money laundering case involving Abhay Srivastava, the former Chairman and Managing Director (CMD) of National Aluminium Company Limited (NALCO). Srivastava, his wife, and two associates have been found guilty of receiving bribes in exchange for awarding a lucrative coal supply tender to specific contractors.

The Enforcement Directorate (ED) investigation meticulously uncovered a complex scheme of illicit enrichment. Evidence presented to the court revealed that bribes received were used to purchase and conceal a substantial quantity of gold bars. These gold bars were subsequently stored in a bank locker under the name of Srivastava’s wife, a clear attempt to disguise the origin of the funds.

This conviction marks a major victory in the fight against corruption within India’s public sector. The case serves as a stark reminder of the far-reaching consequences of bribery and the determination of law enforcement agencies to pursue such offences relentlessly. Further details regarding sentencing are expected to follow.