The Enforcement Directorate has attached immovable and movable assets with a current market value of ₹200 crore in connection with a coal block allocation case involving EMTA Coal Limited and its promoters.
The book value of the properties, in the form of bank balances, fixed-deposits, share and mutual fund holdings, office and residential buildings, is ₹136.48 crore. They belong to the company and its promoters, Ujjal Kumar Upadhaya, Sangeeta Upadhaya, Sujit Kumar Upadhaya and their family members.
The ED probe is based on a First Information Report registered by the Central Bureau of Investigation against the accused persons. The agencies found that the company had carried out mining works in six coal blocks allocated in West Bengal.
“The Supreme Court of India in writ petition 120 of 2012 in the case relating to allotment of coal blocks passed an order on August 25, 2014, and held the allocation of certain coal blocks as illegal, which included the aforesaid six coal blocks allocated to the West Bengal Government PSUs. There are allegations of illegal formation of Joint Venture company, and making huge illegal profit by mining of coal in the six coal blocks by EMTA Coal Ltd, and others,” said the ED.
In another coal block case involving Ramsarup Lohh Udyog Limited and others, the ED has attached land measuring 354.25 acre. While the book value of the property is ₹5.29 crore, the current market value is estimated to be ₹445.59 crore. The agency said the company had been allotted Moira Madhujore, North & South coal block for captive mining in West Bengal along with five joint allottees.
As alleged, Ramsarup Lohh Udyog had induced the Screening Committee through misrepresentation of its net-worth and got the coal block allotted in an illegal manner.
