The Enforcement Directorate (ED) has arrested promoter of Chennai-based Coastal Energy Private Limited, Ahmed AR Buhari, on money laundering charges for generating “proceeds of crime” to the tune of Rs 564.49 crore through overvaluation of coal prices sold to public sector undertakings.
The ED had initiated money laundering investigation on the basis of an FIR registered by the CBI, New Delhi against Buhari and other unknown officials of PSUs under various Sections of the Indian Penal Code and relevant provisions of the Prevention of Corruption Act.The investigation in the matter was also conducted by the Directorate of Revenue Intelligence (DRI) and a show cause notice to the party has been issued.
