The properties — in the form of land located at Hisar, Delhi, Noida and parts of Chhattisgarh — belong to Prakash Industries Ltd, Hisar (Haryana), the agency said in a statement.
“Prakash Industries Ltd and other officials of the company had misrepresented and concealed facts which includes furnishing false production capacity and financial position in order to qualify for coal block allocation process and fraudulently obtained Chotia coal block in Chhattisgarh in 2003,” the Enforcement Directorate (ED) said.
“Excavation of coal started in the year 2006. Later, Hon’ble Supreme Court cancelled the allocation of the coal block in September 2014. However, excavation continued till the year 2015,” it said.
Probe found, it said, “coal illegally excavated during 2006-2015, valued at Rs 951.77 crore has been identified as proceeds of crime.” “The income generated had been used in acquisition of assets by Prakash Industries Ltd and its promoters,” it said.