The Enforcement Directorate has provisionally attached properties worth Rs. 186.11 crore as “proceeds of crime” in connection with a coal block allocation scam case registered by the CBI against Nava Bharat Power Projects Private Limited and others.
The Directorate issued the orders on Wednesday for the attachment under the Prevention of Money Laundering Act after it found that the amount had allegedly been re-invested by the two accused company directors, P. Trivikrama Prasad and Y. Harish Chandra Prasad.
“P. Trivikrama Prasad re-invested money in the form of 73.99 crore shares of Nava Bharat Energy India Limited worth Rs.147.99 crore [of which Rs.138.59 crore has been attached]. Mr. Harish Chandra Prasad made a re-investment worth Rs.45.19 crore in the 8.4 MW wind turbine generators at Rajasthan in the name of Mahalaxmi Windpower [of which Rs.36.32 crore has been attached].” The ED has detected other investments made by the accused in the land belonging to Adobe Realtors Private Limited, a 100 per cent owned subsidiary of PVP Global Ventures, to the extent of 28 acres at Ranga Reddy in Andhra Pradesh, valued at Rs.11.20 crore.
