The Enforcement Directorate on Tuesday attached properties worth Rs 78.25 crore in connection with its probe against Nagpur-based B.S. Ispat Limited in a coal block allocation case.
The ED initiated the investigation in the case under the Prevention of Money Laundering Act (PMLA) on the basis of a First Information Report registered by the Central Bureau of Investigation (CBI) against the company and its directors Mohan Agarwal and others in 2015 for offences punishable under sections dealing in criminal conspiracy, cheating and forgery of the Indian Penal Code.
The CBI had filed the case against the company and others on charge of misrepresenting facts while applying for the Marki Mangli-I coal block in Wardha in Maharashtra, allocated to the company during the National Democratic Alliance government in 2001.
The agency said the original promoters of B.S. Ispat Limited sold their shares after the allocation and benefited on a large scale. The total proceeds of crime were pegged at Rs 78.25 crore in the case.
--IANS
rak/tsb/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app