India News | Coal Scam: ED Attaches Rs 227-cr Assets of Haryana Company
Get latest articles and stories on India at LatestLY. The ED has attached assets worth more than Rs 227 crore of a Haryana located company in connection with its money laundering investigation linked to irregularities in coal blocks allocation.
New Delhi, Dec 3 (PTI) The ED has attached assets worth more than Rs 227 crore of a Haryana located company in connection with its money laundering investigation linked to irregularities in coal blocks allocation.
The properties -- in the form of land located at Hisar, Delhi, Noida and parts of Chhattisgarh -- belong to Prakash Industries Ltd, Hisar (Haryana), the agency said in a statement.
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"Prakash Industries Ltd and other officials of the company had mis-represented and concealed facts which includes 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," the Enforcement Directorate (ED) said.
"Excavation of coal started in the year 2006. Later, Hon'ble Supreme Court cancelled the allocation of the coal block in September 2014. However, excavation continued till the year 2015," it said.
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Probe found, it said, "coal illegally excavated during 2006-2015, valued at 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," it said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)