The Enforcement Directorate (ED) has made further attachments of assets worth Rs 101 crore in connection with its probe against Jayaswal Neco Industries Ltd in a coal block allocation case under Prevention of Money Laundering Act. The ED initiated the investigation in the case under the PMLA on the basis of an FIR registered by the CBI against Jayaswal Neco Industries Ltd and its directors.
During the investigation by the ED, it emerged that the company had allegedly extracted 3.8 million tonnes of coal during the period 2006-2015 from the said Gare Palma- Sub Block IV/4, Coal field. The ED had already attached assets worth Rs 208 crore of its Dagori Integrated Steel Plant in June 2017.
Further, the company had infused huge capital by issuing large number of fresh shares for the purpose of funding the implementation of ongoing expansion projects including integrated steel plant and mine development. That share capital to the extent of Rs 101 crore raised by the company after allocation of coal block was related to coal block illegally obtained and mined thereof by the company, said a statement from the ED. Benefit to the extent of Rs 101 crore accrued to the company in the form of fresh share capital attributable to allocation of Gare Palma- Sub Block IV/4 coal block which has been obtained through criminal conspiracy, fraudulent means, and committed misappropriation of natural resources by criminal activity relating to scheduled offence which constitute proceeds of crime.
The ED has provisionally attached the office and factory building worth Rs 80 crore at Integrated Steel Plant, Siltara Raipur and Land worth Rs 21 crore at Integrated Steel Plant, Bilaspur, Chhattisgarh of Jayaswal Neco Industries Ltd to the extent of Rs 101 crore.