Coal scam: Haryana company takes action against ED, seizes assets worth Rs 227 crore

New Delhi: The Enforcement Directorate (ED) has seized assets worth over Rs 227 crore of a Haryana company in connection with an investigation into a money laundering case related to irregularities in coal block allocation. This information was given by the officials of the ED in a statement. According to the statement, the property belongs to Prakash Industries Limited, Hisar (Haryana) as land located in parts of Hisar, Delhi, Noida and Chhattisgarh.

The investigating agency said Prakash Industries Limited and other company officials made false statements and concealed facts including false production capacity and false economic status to qualify for the coal block allocation process and fraudulent lying down of Chotia coal block in Chhattisgarh in 2003. ED said that coal excavation started in the year 2006. Later, the Supreme Court quashed the allocation of coal blocks in September 2014. However, the excavation continued till 2015.

According to the statement, the investigation found that the illegally excavated coal during 2006-2015 is worth Rs 951.77 crore, which has been identified as the proceeds of the crime. The probe agency said the money was used by Prakash Industries Ltd and its promoters in the acquisition of the property.

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