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ED to attach more properties of absconding businessman Mittal

IANS  |  New Delhi 

The (ED) will attach more properties of former for allegedly defrauding government-owned (STC) of Rs 2,112 crore.

"The ED will attach more properties of Mittal in the coming days," an agency source privy to the case investigation told IANS.

The agency has attached Mittal's properties valued at Rs 245 crore in May last.

The source said that Mittal -- the younger brother of Lakshmi Mittal -- has not appeared before the agency since last year despite three summons.

"While looking for absconding and his uncle in the Rs 12,600 crore fraud case, we stumbled upon Mittal's case," the source said.

He said the is currently in the and the agency has got to know his address.

The CBI had registered a case against him and other officers of the STC on charge of defrauding the of Rs 2,112 crore.

On March 16, 2017, a case was registered on the basis of a complaint from STC against Mittal and former top officials of the company on charges of "criminal breach of trust" as he failed to make payments as per the terms and conditions of the agreement inked with the STC.

Besides Mittal, the has also named Lalit Sehgal, the then of GSPI, the then Chairman-cum-Managing of and 18 other officers of the corporation.

The ED is probing the money laundering case against Pradeep Mittal on the basis of a case registered by the (CBI) in March last year.

According to the CBI FIR, the GSHL had sought financing facility from the STC for purchase of raw material for their Philippine-based on cash-and-carry basis.

The STC agreed to finance without allegedly checking the company's financial health and thereby exposed itself to financial risk.

The said the ED will coordinate with the CBI to get a Red Corner Notice issued against Mittal. According to an ED official, a Lookout Circular was issued against him last year.

The source said once the CBI files a charge sheet in the case, the ED too will file a prosecution complaint that is equivalent to a charge sheet. "After the prosecution case is filed, the ED will initiate the process of issuing the Red Corner Notice against Mittal through the Interpol," he added.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 21:12 IST