New Delhi : The Enforcement Direc torate (ED) on Monday attached two commercial properties in Delhi and land in Gurugram worth Rs 14.53 crore in a money laundering case involving M/s Pushp Steel and Mining Pvt. Ltd.
The action was initiated by the ED on the basis of an FIR registered by the Central Bureau of Investigation (CBI) on April 25 under the Prevention of Corruption Act against the aforementioned company and an official of the Ministry of Coal for irregularities in coal block allocation.
Earlier, the CBI had filed a charge sheet against M/s Pushp Steel and Mining Pvt. Ltd, its director Atul Jain and Harish Chand Gupta, the then secretary of the Ministry of Coal under Section 120, read with Section 409 of the Indian Penal Code and Section 13 (2) read with Section 13(1) (d) of the Prevention of Corruption Act.
During an investigation undertaken under the Prevention of Money Laundering Act, 2002, it was revealed that Pushp Steel and Mining promoted by Sanjay and Atul Jain after allocation of coal blocks by the Ministry of Coal, collected share application money from various investor on unjustified premium to the tune of Rs 23.88 crore and that, the share premium together with the face value of shares received by the Company is a windfall gain of its promoters.
This gain, the investigation stated, was obtained by inducing other companies or entities to invest in the company, after the allocation of coal block.
As per the CBI, both the promoter directors, in criminal conspiracy with the then Coal Secretary had earned huge benefits which constituted proceed of crime earned by them.
Further investigation in this regard is underway.
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