Coal scam probe: ED attaches over Rs 445 crore worth land

New Delhi, Feb 16 (PTI) The Enforcement Directorate on Wednesday said it has attached over 354 acres of land worth more than Rs 445 crore of a company in connection with its money laundering probe in the alleged irregularities in the coal blocks allocation case.

The action has been taken against Ramsarup Lohh Udyog Ltd which was allocated blocks for captive coal mining in West Bengal.

The book value of the provisionally attached land measuring 354.25 acres is Rs 5.29 crore, but the present market value of the said property is estimated to be Rs 445.59 crore, it said in a statement.

Ramsarup Lohh Udyog Ltd had been allotted Moira Madhujore, north and south coal bock for captive mining in West Bengal along with five joint allottees.

According to the allegations, the ED said, Ramsarup Lohh Udyog induced the screening committee and obtained the coal block allocation in an illegal and arbitrary manner.

Their modus operandi was “misrepresentation of net worth of the applicant company” before the screening committee (by showing the combined net worth of its group companies instead of its own net worth), the agency added.