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vinti | Jun 23, 2022 | Views 11508

ED Attached Movable & Immovable Property Worth Rs.26.93 Crore of EMTA Coal Ltd

ED Attached Movable & Immovable Property Worth Rs.26.93 Crore of EMTA Coal Ltd

Directorate of Enforcement (ED) under the Prevention of Money Laundering Act (PMLA), 2002, has provisionally attached immovable and movable assets valued at Rs. 26.93 crore, including bank account balances, FD balances, mutual fund holdings, etc., belonging to M/s EMTA Coal Ltd., and its partners/directors Ujjal Kumar Upadhaya, Sangeeta Upadhaya, Sujit Kumar Upadhaya, and their family members.

On the basis of an FIR filed by the CBI, EO-II, New Delhi against the aforementioned corporation and individuals for violations of the IPC and section 13 of the Prevention of Corruption Act, 1988, the ED began an investigation into money laundering. Investigations revealed that between 1995 and 1996, the above company illegally mined six coal blocks in West Bengal, including Tara (East), Tara (West), Gangaramchak, Borjore, Gangaramchak-Bhadulia, and Pachwara (North), that were originally assigned to West Bengal government PSUs and later canceled by the Hon’ble Supreme Court.

Immovable and movable assets with a book value of Rs 136.48 Crore were previously attached by the ED in February 2022.

Further research is being done.

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