CoalBlocksAllocation
Maharashtra coal blocks allocation case: ED attaches Rs 169 cr assets of firm
New Delhi/UNI: The Enforcement Directorate (ED) on Tuesday said that it has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), to seize assets worth Rs 169 crore of a firm, in connection with its probe into the coal blocks allocation case in Maharashtra.
The attached properties included agricultural and non-agricultural land in Nagpur and machinery of some factories, the ED said.
This case pertained to Topworth Urja and Metals Ltd (formerly Shree Virangana Steels Ltd) that was allocated the Marki Mangli-II, III and IV coal blocks in eastern Maharashtra, the probe agency officials said.
Later in a statement, the ED alleged that the firm got the coal blocks ''through fraudulent means and by misrepresentation and due to illegal allocation of Marki Mangli-II and Marki Mangli-III coal blocks, the company was benefited to the extent of Rs 169.64 crore''.
''A total of 9,21,748 MT of coal was extracted illegally during 2011-12 to 2014-15 and there was illegal gain to the extent of Rs 52.50 crore, by extracting the coal from these blocks.
''The company also had benefit to the extent of Rs 20.40 crore on account of sale of excess power generated out of captive power plant and sold to the connected grid,'' it added.
The ED further alleged that the company ''generated share capital by issuance of equity and preference shares on high premium after application and allocation of coal block and benefitted to the extent of Rs 96.72 crore''.
The ED and the CBI have been investigating the coal blocks allocation on charges of money laundering and corruption, respectively.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
