Indore: The Enforcement Directorate (ED) has attached assets worth over Rs 20 crore of a firm and its director in connection with a money laundering case linked to the coal scam probe.
The investigating agency said on Tuesday that a provisional order for attachment of properties has been issued under Prevention of Money Laundering Act (PMLA) against Revati Cement Pvt Ltd (RCPL) and its director Umesh Shahra.
The total value of assets attached is Rs 20.22 crore, it said. The case is linked to an FIR filed by CBI in the coal scam case against RCPL, its director Umesh Shahra and coal ministry officials for criminal conspiracy and criminal misconduct in allocation of Thesgora-B/Rudrapuri coal block in MP to Kamal Sponge Iron and Steel Pvt Ltd and Revati Cement Pvt Ltd for their sponge iron and cement plant located in Satna district.
In a statement, the ED said between 2007-2014, RCPL issued 49,19,173 new shares each priced at Rs 100. "This amount is considered to be proceeds of crime as it is attributed to the illegal advantage accrued to RCPL due to application and allocation of coal block by misrepresentation and criminal conspiracy," it alleged.
Moreover, part of proceeds of crime were utilised by RCPL in purchase of 339.94 acres of land located in Satna district worth Rs 13.34 crore and construction work worth Rs 15.61 crore on the land was attached by ED under PMLA in March this year.
Investigation revealed that RCPL invested share capital to the tune of more than Rs 3.10 crore in purchasing shares of Thesgora Coal Private Limited, a joint venture of Kamal Sponge Steel and Power Ltd and Revati Cement Pvt Ltd created for mining purpose.
Land at Sejvay village in Dhar district worth over Rs 15.34 crore of Shahra, the main beneficiary and decision maker of RCPL, has been attached. Altogether, properties worth a total of Rs 49.19 crore have been attached by the ED in this case till date.