NALCO CMD (A K Srivastava) arrested for taking bribe

The Chairman and Managing Director India’s state-run National Aluminium Co Ltd (NALCO) A K Srivastava was arrested on Friday by the Central Bureau of Investigation (CBI) for allegedly accepting bribes.

The investigating agency has also arrested his wife Chandni Srivastava along with two accomplices, media reports said.

The CBI raided Srivastava?s offices in Delhi and Bhubaneswar.

Ten kilograms of gold, valued at Rs 2 crore as per current market rates and Rs 30 lakhs in cash is said to have been recovered from their home Bhubaneswar.

On Wednesday, NALCO?s finance director had said that the public-sector undertaking will fall about 1,00,000 tons short of its production target of 1.68 million tons of alumina in the 2010-11 fiscal year, due to delays in refinery expansion.

The export of both alumina and aluminum is also expected to take a hit due to increasing domestic demand, he had said.