The Enforcement Directorate (ED) has provisionally attached immovable and movable assets having book value of Rs 136.48 crore and present estimated market value Rs 200 crore of EMTA Coal Ltd, and its promoters Ujjal Kumar Upadhaya, Sangeeta Upadhaya, Sujit Kumar Upadhaya and their family members under the Prevention of Money Laundering Act (PMLA) in a coal block case.
The attached assets are in the form of bank account balances, fixed deposits (FDs), share and mutual fund holdings, office and residential properties belonging to the accused firm and its promoters, the ED said in a statement.
The ED initiated a money laundering investigation on the basis of an FIR registered by CBI, Economic Offences unit, Delhi against the company and other accused.
During investigation, it was revealed that the accused firms and others have conducted mining in six coal blocks allocated in West Bengal. The Supreme Court had on August 25, 2014 in response to a writ petition 120 of 2012 in connection with allotment of coal blocks passed an order and held allocation of certain coal blocks as illegal, which included the six coal blocks allocated to the West Bengal Government PSUs.
“There are allegations of illegal formation of Joint Venture companies, and making huge illegal profit by mining of coal in the six coal blocks by EMTA Coal Ltd, and others,” it said.
