EPF in DHFL soup: Uttar Pradesh to safeguard employees' interest

Hit by a controversy over Provident Fund of Uttar Pradesh power corporation employees being invested in tainted DHFL company, the state government on Saturday promised action against the "guilty" and said it will ensure that no employee`s interest is hurt. The government assurance came hours after Congress General Secretary Priyanka Gandhi Vadra targeted the Yogi Adityanath-led government, asking whose interest was being served through the move.

In a questionable decision, the state-owned UP Power Corporation Ltd (UPPCL) has reportedly invested its employees` fund worth over Rs 2,600 crore with Mumbai-based Dewan Housing Finance Corporation Limited (DHFL), whose promoters were recently grilled by the Enforcement Directorate (ED) for their alleged links with a front company of late Iqbal Mirchi, a close aide of underworld don Dawood Ibrahim Kaskar.

"Investing employees provident fund money in DHFL is matter of serious concern. Stern action will be taken against those involved in it," UP Power Minister Shrikant Sharma tweeted. "Employees of the UPPCCL are like family members to me and the government will ensure that the interest of anyone is not affected," he added.

Earlier, Priyanka Vadra, who is Congress in-charge of eastern Uttar Pradesh, raised questions over the development. In a tweet, she said, "The BJP government in Uttar Pradesh invested the money from the provident fund of the state`s power corporation personnel in a defaulting company like DHFL. Whose interest was to be served by investing more than Rs 2,000 crore of the employees` hard earned money in such a company? Is it justified to play with the future of the employees?"