ED attaches 348 acres of land in Coal Block case of BLA Industries

Last Updated: Sat, Jan 06, 2018 14:45 hrs

[India], Jan 6 (ANI): Enforcement Directorate on Saturday provisionally attached immovable properties located in Narsingpur district, Madhya Pradesh, admeasuring 348.34 acres worth Rs. 4,53,88,842 of M/s BLA Industries Pvt. Ltd. in Coal Block Allocation Scam.

In this case, CBI had registered FIR against M/s BLA Industries Ltd., its Managing Director Anup Agarwal and other unknown public servants. It was alleged that the Gotitoria East and Gotitoria West coal blocks located in Mohapani Coal field, Dist. Narsinhpur were allocated for captive use in power plant.

The plant was not set up and condition of captive use of coal was altered by public servants allowing M/s BLA Industries Private Limited to sell coal, thus causing undue favour to the company.

ED had initiated investigation based on the FIR filed by CBI. Investigation has revealed that M/s BLA Industries Private Limited produced / mined 26.23 lakh MTs from F.Y.2004-05 to F.Y. 2013-14 coal.

25.07 lakh MTs of coal out of the same was sold during the same period. The value of the coal sold was Rs. 577.23 crores. Further, BLA Industries Pvt. Ltd. created 35,00,000 new shares after allocation of mines with share capital of Rs.3,50,00,000 at Rs. 10 per share during F.Y.2007-08 and issued to M/s Advaita Holdings Private Limited.

Further, during F.Y.2010-11 a total of 1,00,000 new shares were created and issued to M/s Advaita Holdings Private Limited, at a premium of Rs.55, which brought share capital of Rs.65,00,000.

M/s Advaita Holdings Private Limited is a holding company of M/s BLA Industries Limited. The company created 36,00,000 new shares which it has allotted to M/s Advaita Holdings Private Limited and thereby accrued advantage of Rs. 4.15 crores which is attributable to mining allocation.

Further investigation revealed that the above proceeds of crime generated from illegal mining and new share capital creation have been placed and layered through its various bank accounts and finally integrated in the form of purchase of immovable properties admeasuring 348.34 acres worth Rs. 4,53,88,842 which have now been provisionally attached.

Further investigation is in progress. (ANI)



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