Jaipur: ED steps on the gas, attaches assets worth Rs 45 crore till September

JAIPUR: There has been a sudden boost in checking financial frauds by the Directorate of Enforcement, Jaipur this year so far. Total assets worth Rs 44.96 crore were attached by the ED, Jaipur till September this year which is significantly higher than the attachment done in 2016.

"So far, we have attached properties worth Rs 44.96 crore which is much higher compared to Rs 2.35 crore assets which were attached during January-September 2016 period. Our officers are engaged in other cases of financial frauds and by the end this year we would attach more assets in these cases," said a senior officer of ED, Jaipur on Tuesday.

In the recent case on September 27, the sleuths have provisionally attached properties worth nearly Rs 32.175 crore in connection with its probe against Ms Kamal Sponge and Steel Power Limited situated at Sagma village of Satna district of Madhya Pradesh, in a coal block allocation case under prevention of Money Laundering Act, 2002.

The Directorate of Enforcement initiated its investigation under the Act on the basis of FIR registered by CBI, New Delhi in this regard against Ms Kamal Sponge Steel and Power Limited. "The said company was also found mis representing its net worth and production capacity while applying for the coal block in orders to embellish its claim for purpose of getting the coal block allocated. In the year 2014 Supreme court had cancelled all such allocations," said a senior officer.

Company was also found selling its share in higher premium prior to the allocation of coal block which was allotted to them while they misrepresented their net worth.