The Central Bureau of Investigation (“CBI”) have arrested the Chairman/Managing Director of the National Aluminium Company Ltd (“NALCO”) and his wife for allegedly accepting bribes.  

The CBI arrested Mr. Srivastava as his wife was allegedly accepting an illegal bribe of three gold bricks, each weighing one kg, of 24 carat gold. His wife is said to have accepted the bribe from the wife of a middleman who was brokering a deal between Mr. Srivastava and a Madhya Pradesh-based private company. At the time of the CBI raid, Mr. Srivastava's wife, accompanied by the wife of the middleman, had just deposited the three gold bricks in a bank locker of the Bank of Maharashtra in the capital. A search of the locker apparently revealed seven more gold bricks of 1 kg each, golden ornaments weighing 188 grams and Indian currency of Rs.9.5 Lakh. The total recoveries amount to 10.188 kg gold and Rs.29.5 Lakh in cash.  

The four have been arrested. Further searches in various parts of the country are continuing. A senior NALCO official confirmed in Bhubaneswar that a CBI team also visited the NALCO corporate office in the Orissa capital.