Directorate of Enforcement has provisionally attached properties valued at Rs. 186 crore belonging to Nava Bharat Power Projects Private Limited (NPPL) in the illegal allocation of coal blocks case.
Central Bureau of Investigation had filed an FIR in 2012 and a charge-sheet under section 173 of Cr. PC against Y. Harishchandra Prasad and P. Trivikrama Prasad and NPPL. The charge-sheet revealed that NPPL and its directors Mr. Trivikrama Prasad and Mr. Harishchandra Prasad had entered into a criminal conspiracy with unknown officials of the coal ministry and got coal blocks allocated, said an ED press release issued here on Wednesday.
Subsequently, the promoters and share holders of NPPL sold off their entire share holdings in July 2010 to M/S Essar for sale consideration of Rs. 231 crore, as against the net worth/book value as per the audited balance sheets for the year 2009-2010 of Rs. 22 crore.
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The allocation of coal block had exponentially enhanced the share value of NPPL and hence it was evident that by selling the shares, the promoters of the company had a windfall gain of more than Rs 200 crore.
The ED had trailed the proceeds of the crime and attached the property. It said the proceeds of the crime totalling Rs. 186.11 crore were found to be re-invested by the NPPL director Mr. Trivikrama Prasad in the form of shares of Nava Bharat Energy India Limited (NBEIL) valued at Rs. 138.59 crore and Mr. Harishchandra Prasad in the form of 8.4 MW Wind Turbine Generators at Rajasthan in the name of M/S Mahalaxmi Wind power valued at Rs. 45.19 crore.
Land belonging to M/S Adobe Realtors Private Limited, a 100 per cent subsidiary of PVP Global Ventures, to the extent of 28 acres at Nadargul on city outskirts valued at Rs. 11.20 crore was also attached as it was found that same was purchased out of proceeds of crime transferred by Mahalaxmi Group of PVP Global Ventures, the release added.
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