ED attaches 354-acre land worth Rs 445 cr in a coal block case

New Delhi [India]: The Enforcement Directorate (ED) on Wednesday has attached 354.25 acres of land in a coal block case worth an estimated Rs 445.59 crore, the agency said.

The property has been attached under the Prevention of Money Laundering Act (PMLA), 2002.

ED said that the book value of the attached land was Rs 5.29 crore and the present market value is estimated to be Rs 445.59 crore.

ED initiated a money-laundering investigation on the basis of the First Information Report (FIR) registered by the Central Bureau of Investigation against Ramsarup Lohh Udyog Ltd and its promoter and director.

During the investigation, it was revealed that Ramsarup Lohh Udyog Ltd had been allotted Moira Madhujore, North and South Coal Block for captive mining in the State of West Bengal along with five joint allottees, said the ED.

Ramsarup Lohh Udyog induced the Screening Committee and obtained the coal block allocation in an illegal and arbitrary manner, as per allegations.

The modus operandi was "misrepresentation of the net worth of the applicant company" before the Screening Committee (by showing the combined net worth of its group companies instead of its own net worth). (ANI)