ED attaches nearly Rs 245 cr assets of Balasore Alloys

New Delhi, Dec 16 : The Enforcement Directorate has seized immovable assets, worth Rs 244.89 crore, of Balasore Alloys Ltd whose shareholders are Global Steel Holding Ltd (GSHL) and its chairman Pramod Kumar Mittal who are being probed for defrauding the State Trading Corporation of Rs 2,112 crore, a statement said on Saturday.

The agency seized Balasore Alloys's property in which Mittal and GSHL are holding 30.35 per cent shareholding through various Indian and foreign promoter and investment companies under the Prevention of Money Laundering Act.

"Mittal and GSHL's share in Balasore Alloys includes building, plant and machinery totalling approximately Rs 244.89 crore which has been attached in lieu of the proceeds of crime," an ED statement said.

The ED filed a money laundering case on March 29 against Mittal, GSHL and STC officials following an FIR registered by the Central Bureau of Investigation on March 16.



Source: IANS