The Enforcement Directorate has attached assets worth ₹73 crore in connection with two coal block cases.
In the first case, Visa Power Limited had got the Fatehpur Coal Block and Fatehpur East Coal Block in 2007 allegedly by false declaration of the net worth of principal company, Vida Minmetal AG, Switzerland, and by misrepresenting the capacity of its end-use plant.
Before the cancellation of the coal block allotment in September that year, over ₹200 crore was infused in the company. The funds were used for project development, including land purchase in Odisha and Chhattisgarh, said the agency. Based on the findings, assets worth about ₹72 crore have been attached.
In the other one, Vini Iron & Steel Udyog Limited and others were convicted in the case pursued by the CBI for alleged irregularity in the allocation of Rajahra East Coal Block. The ED has attached ₹90 lakh in two fixed deposits. The company’s assets were earlier attached.
Bank fraud cases
Assets worth ₹67 crore have been attached in various bank fraud cases. In the case against Pushpesh Kumar Baid and his family members, for alleged fraud of ₹182 crore, the agency has attached properties valued ₹24 crore.
Based on the CBI case against M.K. Patel Exim and others, properties worth ₹17.86 crore have been attached and assets valued ₹18.60 crore have been attached in the case of Shree Ganesh Jewellery House (I) Limited.
In yet another case, involving SPS Steels Rolling Mills and others — who have been accused of a fraud of ₹551.13 crore — the ED has issued an order for the attachment of properties worth ₹6.60 crore. Earlier, assets worth ₹92 crore were attached in the same case.
