Enforcement Directorate Confiscates Assets Worth Rs 169 Crore

Enforcement Directorate confiscates assets worth Rs 169 crore in coal block allocation case. The Enforcement Directorate (ED) has seized assets worth Rs 169 crore of a firm under investigation of money laundering in the coal block allocation case.

The case relates to Towporth Energy and Metals Limited (formally Shree Veerangana Steels Limited). The firm was allocated marquee Mangali-two, three and four coal blocks in eastern Maharashtra.

9,21,748 MT coal extracted illegally

The ED has alleged that the firm had been allocated coal blocks due to misrepresentation and misrepresentation. The central agency claimed, ‘The company had a profit of Rs 169.64 crore due to the illegal allocation of coal blocks.

During 2011-12 to 2014-15, a total of 9,21,748 MT coal was illegally extracted.

The extraction of coal from these blocks resulted in illegal income of Rs 52.50 crore. The company had a profit of Rs 20.40 crore from the sale of more power produced from captive power plants.

It is also alleged that the company raised share capital by issuing equity and preference shares after applying for coal blocks and allocation. This gave it a profit of Rs 96.72 crore.

Raid was also done in bank fraud case

On the other hand, the Enforcement Directorate (ED) on Saturday raided a bank fraud case of Rs 488 crore and seized six crore rupees. Not only this, he also recovered foreign currency.

The ED had said that the raids were carried out at the locations of consultancy and builder group-True Value Group, Vipul and Manish Associates.

The ED had registered a case against the Ardor Group of Companies in Ahmedabad under the Money Laundering Act in the Bank forgery case.

The ED had said that the directors of the company had committed fraud in association with unknown bank officials. The banks had suffered a loss of about Rs 488 crore.

The Supreme Court has upheld the dismissal of the candidate who has been admitted as a peon in Punjab National Bank by hiding the fact of graduation.

For recruitment to this post, the bank had invited only those studying 12th pass or its equivalent.

Justices Ashok Bhushan, R. Subhash Reddy and MR Shah set aside two orders of the Orissa High Court in this case, asking the bank to continue the services of this peon.