The Enforcement Directorate (ED) has frozen assets worth Rs 245 crore as its investigation into PSU State Trading Corpn's (STC) Rs 2,200 crore fraud moves forward.
The agency had early this year registered a criminal case under the Prevention of Money Laundering Act (PMLA) against Global Steel Holding Limited, its chairman Pramod Kumar Mittal and others based on an FIR by the CBI.
"Proportionate share of Mittal and Global Steel Holding Ltd in Balasore Alloys Limited which includes building, plant and machinery of Balasore Alloys valued at about Rs 244.89 crore has been attached in lieu of the proceeds of crime," the agency said in a statement.
The investigation revealed, it said, that Mittal and Global Steel Holding Limited are holding 30.35 percent of the shareholding of Balasore Alloys through various Indian/ foreign promoter and investment companies and thus have a proportionate share of the said percentage in the fixed assets of Balasore Alloys.
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STC fraud: ED freezes assets worth Rs 245 crores
By IndianMandarins - 2017-12-17 11:05:51
The Enforcement Directorate (ED) has frozen assets worth Rs 245 crore as its investigation into PSU State Trading Corpn's (STC) Rs 2,200 crore fraud moves forward.
The agency had early this year registered a criminal case under the Prevention of Money Laundering Act (PMLA) against Global Steel Holding Limited, its chairman Pramod Kumar Mittal and others based on an FIR by the CBI.
"Proportionate share of Mittal and Global Steel Holding Ltd in Balasore Alloys Limited which includes building, plant and machinery of Balasore Alloys valued at about Rs 244.89 crore has been attached in lieu of the proceeds of crime," the agency said in a statement.
The investigation revealed, it said, that Mittal and Global Steel Holding Limited are holding 30.35 percent of the shareholding of Balasore Alloys through various Indian/ foreign promoter and investment companies and thus have a proportionate share of the said percentage in the fixed assets of Balasore Alloys.
