Coal block allocation case: ED attaches assets worth Rs 228 crore of Haryana-based firm

Coal block allocation case: ED attaches assets worth Rs 228 crore of Haryana-based firm
The assets attached are in from of land in Haryana’s Hisar, Uttar Pradesh’s Noida, Delhi and various parts of Chhattisgarh.

The Enforcement Directorate has attached properties worth Rs 228 crore of a Haryana-based firm named Prakash Industries Limited under the Prevention of Money Laundering Act (PMLA) in connection with a coal block allocation case.

The attached assets are in the form of land in Haryana’s Hisar, Uttar Pradesh’s Noida, Delhi and various parts of Chhattisgarh.

ALSO READ: ED attaches assets worth Rs 76 lakh of accused involved in AP medical entrance test paper leak case

ED had initiated a money-laundering investigation on the basis of an FIR registered by Central Bureau of Investigation (CBI) against the company in 2016.

In the FIR, it was alleged that Ved Prakash Agarwal, Chairman of Prakash Industries Limited, and other officials of the company had misrepresented and concealed facts, which include furnishing false production capacity and financial position in order to qualify for coal block allocation process and fraudulently obtained Chotia coal block in Chhattisgarh in 2003.

ALSO READ: ED arrests chartered accountant for helping accused to launder Rs 1,100 cr from Mumbai to Hong Kong

Excavation of coal started in the year 2006. Later, Supreme Court cancelled the allocation of the coal block in September, 2014, which, however, continued till the year 2015.

“Money laundering investigation has revealed that the total coal illegally excavated during the period between 2006 and 2015, valued Rs 951.77 crore has been identified as proceeds of crime. The income generated had been used in acquisition of assets by Prakash Industries Ltd. and its promoters,” said the ED in a statement.

ALSO READ: Gold smuggler arrested by ED while attending wedding in Pune

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