The Enforcement Directorate (ED) has secured convictions in a money laundering case involving former National Aluminium Company Limited (NALCO) Chairman-cum-Managing Director (CMD) Abhay Kumar Srivastava and several others. The verdict was delivered by a Special Judge under the Prevention of Corruption Act on Monday, July 21, 2025.
The case originated from a First Information Report filed by the Central Bureau of Investigation (CBI), which alleged that Srivastava received illicit payments through intermediaries in return for extending undue favours in a coal supply tender issued by NALCO. Following the probe, the ED attached assets valued at ₹2.23 crore.
Forgery, Impersonation, and Concealed Assets Unveiled
The ED stated that Bhushan Lai Bajaj acted as the middleman, collecting bribes from G.S. Bhatia of the Bhatia Group of Companies. The illicit funds were allegedly used to purchase gold bars, later hidden in a benami bank locker.
The locker was opened using forged identity documents, with Srivastava’s wife, Chandni Srivastava, impersonating Anita Bajaj to gain access. During a raid, the CBI recovered cash and gold from the locker, exposing the elaborate laundering scheme.
A prosecution complaint was filed by the ED on March 31, 2015. The court found that the money trail established by the ED showed clear layering and concealment of proceeds of crime (POC). The accused failed to rebut the statutory presumption under the Prevention of Money Laundering Act (PMLA), 2002.
The court noted the sophisticated modus operandi, involving forged documents, benami transactions, and impersonation, all aimed at concealing the origin and ownership of illicit funds.
This conviction adds to the ED’s growing list of successful prosecutions under PMLA, signalling a stronger crackdown on white-collar corruption involving public sector officials.