ED attaches Rs 603 cr assets in Chhattisgarh

The Enforcement Directorate (ED) on Wednesday attached assets totalling Rs 603 crore of Vandana Vidyut Ltd in a coal block allocation case pertaining to Chhattisgarh.

The ED has attached a factory building, plant and machinery and 23 acres of land of the company, it said in a statement.

The three company directors distorted facts to qualify for and fraudulently obtain the Fatehpur East coal block in Chhattisgarh, the statement added.

"They destroyed the original copies of the forged sale agreement in respect of private land, EPC contract and work order for civil construction, copies of which were submitted to the state government," the ED said.

The ED said the company's net worth at the time of submission of application for allocation was Rs 37.56 crore as against Rs 270 crore as per the eligibility criteria.

The company raised huge money by issuing large number of equity shares and preferential shares on premium. It also used the proceeds of crime for creation of assets, the agency said.

--IANS

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