<p>The CBI has taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in the scam-hit Dewan Housing Finance Corporation (DHFL), officials said on Friday.</p>.<p>The agency has re-registered the FIR filed by the Uttar Pradesh police at the Hazratganj police station, according to officials.</p>.<p>Pravin Kumar Gupta, former secretary of the UP State Power Sector Employees' Trust; and Sudhanshu Dwivedi, former director, finance, of the Uttar Pradesh Power Corporation Limited (UPPCL); have been named as accused for criminal breach of trust, cheating and forgery. Both were arrested by the police last November, the officials said.</p>.<p>The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore.</p>.<p>Provident funds of the UPPCL employees were being invested in the fixed deposits of nationalised banks till October 2016. On a proposal of Gupta and former UPPCL managing director A P Mishra, the investment of funds started in PNB housing since December 2016, according to the officials.</p>.<p>From March 2017-December 2018, Gupta, after getting endorsement from Dwivedi, violated central government guidelines -- that such funds would not be invested financial institutions other than scheduled commercial banks -- and invested over 50 per cent of funds in the DHFL, the FIR stated.</p>.<p>It said the investments were in deposit schemes of DHFL despite knowing it was not a scheduled commercial bank and an 'unsafe' company.</p>.<p>A total of Rs 4,122.70 crore was invested in the DHFL, out of which Rs 2,267.90 crore are still outstanding, officials said.</p>
<p>The CBI has taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in the scam-hit Dewan Housing Finance Corporation (DHFL), officials said on Friday.</p>.<p>The agency has re-registered the FIR filed by the Uttar Pradesh police at the Hazratganj police station, according to officials.</p>.<p>Pravin Kumar Gupta, former secretary of the UP State Power Sector Employees' Trust; and Sudhanshu Dwivedi, former director, finance, of the Uttar Pradesh Power Corporation Limited (UPPCL); have been named as accused for criminal breach of trust, cheating and forgery. Both were arrested by the police last November, the officials said.</p>.<p>The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore.</p>.<p>Provident funds of the UPPCL employees were being invested in the fixed deposits of nationalised banks till October 2016. On a proposal of Gupta and former UPPCL managing director A P Mishra, the investment of funds started in PNB housing since December 2016, according to the officials.</p>.<p>From March 2017-December 2018, Gupta, after getting endorsement from Dwivedi, violated central government guidelines -- that such funds would not be invested financial institutions other than scheduled commercial banks -- and invested over 50 per cent of funds in the DHFL, the FIR stated.</p>.<p>It said the investments were in deposit schemes of DHFL despite knowing it was not a scheduled commercial bank and an 'unsafe' company.</p>.<p>A total of Rs 4,122.70 crore was invested in the DHFL, out of which Rs 2,267.90 crore are still outstanding, officials said.</p>