They are in the form of 8.86% shares of ILFS Tamil Nadu Power Company Limited (ITPCL).
The Enforcement Directorate has attached assets worth ₹452 crore held in the name of Singapore-based A.S. Coal Pte, owned by a British National, in a fraud case.
The British national has been identified by the agency as Jaimin Vyas. The attached assets are in the form of 8.86% shares of ILFS Tamil Nadu Power Company Limited (ITPCL).
The ED’s money-laundering probe is based on an FIR registered by the Economic Offences Wing of the Delhi police against IRL, ITNL (group companies of IL&FS), its officials and others.
The Serious Fraud Investigation Office (SFIO) had also conducted investigation and filed a criminal complaint against the IL&FS Financial Services (IFIN) and its officials, said the ED.
The ED has alleged that there was a well-planned conspiracy by Mr. Vyas to cheat the IL&FS and Indian banks, in connivance with its officials and one Chinese Engineering Procurement and Construction (EPC) contractor named SEPCO III.
“The company’s right to select the EPC contractor was illegally delegated to Jaimin Vyas, violating the terms and conditions of Share Purchase Agreement. Jaimin Vyas thereafter nominated SEPCO as EPC contractor and got kickback in guise of fees for consultancy services,” said the agency in a statement.
It is alleged that the same money was routed as equity investment in the ITPCL.
“Subsequently, ITPCL paid SEPCO III the amount [paid earlier by SEPCO to Jaimin Vyas] by inflating the value of the contract and payments were also made in the guise of early completion of project,” the agency said.
Mr. Vyas allegedly received illegal gratification from Noble Coal in lieu of the coal supply contract to the ITPCL at an inflated rate.
The ED had earlier attached properties of committee of directors of IFIN totalling ₹126 crore and assets of two defaulter loanee of IFIN, SIVA Group and ABG Group, valued at ₹1,400 crore.
Arun Kumar Saha, a former member of the committee of directors of IFIN and former ITNL managing director Karunakaran Ramchand were arrested in June 2019. The ED has also filed a chargesheet in the case.
