National Aluminium Chairman Arrested in Bribery Case

(Corrects company’s name in headline, first paragraph, removes reference to charges in story published on Feb. 26.)

Feb. 26 (Bloomberg) --India’s Central Bureau of Investigation arrested the chairman of National Aluminium Co., one of India’s two largest makers of the alloy, in a bribery investigation.

The statement on the bureau’s website dated Feb. 25 gave no names. Calls to the mobile phone and office of A.K. Srivastava, chairman of National Aluminium, went unanswered. Finance Director B.L. Bagra, who declined to comment on the report on Feb. 25, couldn’t be reached at his office the next day.

The chairman’s wife accepted three one kilogram (32.2 troy ounce) bricks of 24-carat gold from the wife of a person brokering a deal between the chairman and a group of private companies based in the central state of Madhya Pradesh, the bureau said. Both couples were arrested, it said.

The chairman’s wife was arrested in New Delhi after she deposited the gold in a locker in the Bank of Maharashtra, according to the statement. Investigation of two lockers resulted in a total haul of 10.2 kilograms of gold and 3 million rupees ($66,200) cash, it said.

To contact the reporter on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net

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