Nalco Chairman Abhay Kumar Srivastava Arrested by CBI for Accepting Bribes

The Central Bureau of Investigation (CBI) arrested Abhay Kumar Srivastava , chairman and managing director of Nalco, his wife and two others on 25 February 2011 on charges of accepting bribes from an unidentified person. Bhushan Lal Bajaj and his wife Anita have also been arrested.
The CBI raided the residences of Srivastava in Delhi and Bhubaneswar and seized unaccounted cash from lockers allegedly operated by him.

Srivastava and his wife were arrested at Maharashtra Bhawan in Delhi were receiving 10 kg gold and Rs 29 lakh on 25 February 2011. This is the second time in the past six years that a chairman of Nalco has been caught by law. Srivastava was appointed Nalco chairman on 1 October 2009 and back then his appointment was challenged by a Nalco shareholder in Orissa High Court and the Central Administrative Tribunal on grounds of procedural irregularities. Before joining Nalco, Srivastava was the chairman of CCIL, an enterprise under the ministry of heavy industries & public enterprises, for five years.

In February 2004, then chairman C Venkatramana was arrested and released on bail in a molestation case.