ED attaches assets worth Rs 206 cr in coal block allocation case
The Enforcement Directorate (ED) has attached assets worth Rs 206 crore in connection with its probe against Jayaswal Neco Industries Limited in a coal block allocation case under Prevention of Money Laundering Act (PMLA).
ED initiated the investigation in the case under the PMLA on the basis of a FIR registered by Central Bureau of Investigation against Jayaswal Neco Industries Ltd and its directors.
The CBI has filed a chargesheet before the Patiala House Court against Jayaswal Neco Industries Ltd and its directors for the alleged commission of offence under Section 120B read with 420 and 406 of the Indian Penal Code.
“It was alleged that Gare Palma- Sub Block IV/4 Coal block was obtained by Jayaswal Neco Industries Ltd through fraudulent means by making misrepresentation and the Company resorted to illegal use of coal mined in their Captive Power Plant (CPP) without any permission from central government,” a senior ED officer stated.
It was further pointed out that as per allocation letter, the company had to wash the coal in a washery to 20 percent ash level and the middling and rejects produced during the process to be used in its Captive Power Plant . However, the coal was used directly in their …read more
