ED Files PC Against Ex-NCL CMD In PMLA Case

Bhopal (Madhya Pradesh): Directorate of Enforcement (ED), Bhopal, has filed a prosecution complaint (PC) against Bhola Singh, the then chairman and managing director (CMD) of Northern Coalfields Limited (NCL), under the provisions of the Prevention of Money Laundering Act (PMLA), before the Special Court (PMLA), Jabalpur.

ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI) against Bhola Singh for possession of disproportionate assets during the check period from January 2022 to January 2024 while serving as CMD of NCL.

The investigation revealed that Bhola Singh knowingly acquired, possessed, concealed and projected proceeds of crime as untainted property by possessing cash and gold jewellery and by utilising third-party funds routed through banking channels for the acquisition of immovable property.

The investigation further revealed that Rs 50 lakh received from a third party was utilised, along with other funds, to purchase a residential flat at SAIL City, Ranchi, thereby presenting it as untainted property.

The total proceeds of crime (PoC) identified and quantified during the investigation amount to Rs 2.79 crore.

ED had earlier issued a provisional attachment order attaching movable and immovable properties having a total value of Rs 2.79 crore.

The attached properties include gold jewellery recovered from bank lockers and a residential flat in Ranchi.