New Delhi, Feb 9 (PTI) A bio mass power plant, 2 captive thermal power plants and land parcels in West Bengal and Jharkhand apart from other assets worth over Rs 1,621 crore have been attached under the anti-money laundering law in a probe linked to alleged irregularities in coal block allocation in Jharkhand, the ED said on Wednesday.

The action has been taken against a company called Corporate Ispat Alloys Ltd. (CIAL) which was allocated the Chitarpur coal block in Jharkhand's Latehar district.

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"The provisionally attached properties (under sections of the Prevention of Money Laundering Act) consists of a bio mass power plant, 2 captive thermal power plants, a ferro alloys plant and direct reduced iron plant and parcels of land situated at Durgapur, West Bengal and Saraikela in Jharkhand," the agency said in a statement.

The total value of these properties is about Rs 1,621.93 crore, it said.

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The Enforcement Directorate (ED) case is based on a January, 2016 FIR of the CBI against CIAL, its promoters and others for alleged criminal conspiracy, cheating and criminal misconduct in obtaining the coal block.

Probe found that the company "fraudulently" obtained the Chitarpur coal block through misrepresentation of facts, the ED said.

"Huge capital was later infused in CIAL in form of equity shares so as to derive and obtain benefits/gains from the allocated coal block."

"The shares were allotted at a huge premium. This entire infusion of capital of Rs 1,896 crore was done with an intention and in anticipation of undue benefits to be derived and obtained by CIAL in future," it said.

The proceeds derived from the issue of share capital were further invested in fixed assets and projected as untainted property and given colour of a genuine business investment, whereas, the entire process starting with the application for getting a coal block to being awarded the Chitarpur coal block and raising of funds on the strength of tainted property (allocation letter) was a consequence of criminal activities, the agency alleged.

(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)