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ED freezes assets of Mr Promod Mittal worth Rs 245 crore in STC fraud case against Global Steel- The 19th China (Guangzhou) Int¡¯l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
12/19/2017 plate metal expo-wire expo |
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PTI reported that the Enforcement Directorate (ED) has frozen assets worth INT 245 crore in connection with its money laundering probe in the alleged fraud of INR 2,200 crore with the State Trading Corporation (STC). ED said "Proportionate share of Mittal and Global Steel Holding Ltd in Balasore Alloys Limited which includes building, plant and machinery of Balasore Alloys valued at about INT 244.89 crore has been attached in lieu of the proceeds of crime.¡±
It said ¡°Investigation revealed that Mittal and Global Steel Holding Limited are holding 30.35 per cent of the shareholding of Balasore Alloys through various Indian/ foreign promoter and investment companies and thus have proportionate share of the said percentage in the fixed assets of Balasore Alloys.¡±
The agency had early this year registered a criminal case under the Prevention of Money Laundering Act (PMLA) against Ms Global Steel Holding Limited, its chairman Pramod Kumar Mittal and others based on an FIR by the CBI.
The agency has earlier attached shares of INR 62 crore (market value) in the name of Mittal and others in this case.
The CBI case had been registered on the basis of a complaint from the PSU, the STC. It was alleged that Mittal committed "criminal breach of trust" as he failed to make payments as per terms and conditions of the agreement with STC. The STC had arranged export of raw material for new steel plants of Global Steel Philippines Inc (GSPI) in the Philippines and Bosnia, and also opened a line of credit for the company the complaint had stated. It had said that despite irregular payments and piling up of credit, STC officials allegedly renewed line of credit to the company.
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