Satna (Madhya Pradesh): The Enforcement Directorate (ED) has attached movable and immovable assets worth Rs 20.22 crore of Revati Cements Pvt Ltd (RCPL) and its director under Prevention of Money Laundering Act (PMLA) in coal block allocation scam.
The move by the ED comes after the registration of FIRs by CBI against the firm, its director Umesh Shahra and Coal Ministry officials for criminal conspiracy and criminal misconduct in allocation of Thesgora- Rudrapuri coal block located at Madhya Pradesh to Kamal Sponge Iron and Steel Pvt Ltd and RCPL for their sponge iron plant and cement plant at Satna, the probe agency said in a statement issued on Tuesday.
The ED found that during period 2007 to 2014, the RCPL had issued 49,19,173 new shares at Rs 100 per share and received share capital of Rs 49,19,17,300.
"This amount is considered to be proceeds of crime as it is attributed to the illegal advantage accrued to RCPL due to application for and allocation of coal block by misrepresentation and criminal conspiracy," the ED statement reads.
Further, part of the proceeds of crime was utilized by RCPL in the purchase of immovable properties admeasuring 339.94 acres in Satna worth Rs 13.34 crore and utilised in construction work worth Rs 15.61 crore which was provisionally attached under PMLA in March 2019 by the ED.
The investigation also revealed that RCPL invested share capital to the tune of Rs 3,10 crore in purchasing shares of Thesgora Coal Private Limited, a joint venture of Kamal Sponge Steel and Power Ltd. and Revati Cements Pvt Ltd created for mining purpose in the jointly allocated Thesgora coal block.
A piece of land valued at Rs 15.34 crore, of Shahra, who is the main beneficiary and decision-maker of RCPL have also been provisionally attached.
So far total properties worth Rs 49.19 crore have been attached by the ED in this case.
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