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ED freezes assets worth Rs 245 cr in Rs 2,200 cr STC money laundering case

It had said that despite irregular payments and piling up of credit, STC officials allegedly renewed the line of credit to the company

Press Trust of India  |  New Delhi 

fraud, laundering, theft, investigation
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The (ED) has frozen assets worth 245 crore in connection with its probe in the alleged of 2,200 crore with the (STC). The agency had early this year registered a criminal case under the Prevention of Act (PMLA) against Ms Global Steel Holding Limited, its and others based on an FIR by the "Proportionate share of Mittal and Ms Global Steel Holding Ltd in Ms Limited which includes building, plant and of Ms valued at about 244.89 crore has been attached in lieu of the proceeds of crime," the agency said in a statement. The investigation revealed, it said, that Mittal and Ms Global Steel Holding Limited are holding 30.35 per cent of the shareholding of Ms through various Indian/ foreign promoter and investment companies and thus have a proportionate share of the said percentage in the fixed assets of Ms The agency has earlier attached shares of 62 crore (market value) in the name of Mittal and others in this case. The case had been registered on the basis of a complaint from the PSU, the STC. It was alleged that Mittal committed "criminal breach of trust" as he failed to make payments as per terms and conditions of the agreement with STC. The STC had arranged export of raw material for new of Global Steel Inc (GSPI) in the and Bosnia, and also opened a line of credit for the company, the complaint had stated. It had said that despite irregular payments and piling up of credit, STC officials allegedly renewed the line of credit to the company.

First Published: Sat, December 16 2017. 21:56 IST
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