2022 (8) TMI 1583

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....ntion of Money Laundering Act, 2002 ("PMLA") against accused namely (A-1) company M/s B.S. Ispat Ltd., (A-2) Mohan Agrawal, (A-3) Govinddas Daga and (A-4) Nandkishore Sarda (A-5) Ashish Agrawal and (A-6) Smt. Swarna Daga Mimani, alleging offence of money laundering u/s 3 punishable u/s 4 of PMLA. 3. The allegations briefly are that on 28.06.99, A-2 made an application to the Ministry of Coal ("MoC"), Government of India for allocation of Marki Mangli-I coal block at Yavatmal, Maharashtra for setting up a sponge iron plant. A-2 described himself as director of M/s B.S. Ispat Pvt. Ltd. (A-1). It is alleged that on the said date the company was not even in existence as it was not incorporated by the said date. 4. On the same date i.e. 28....

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....d CBI Vs. B.S. ISPAT Ltd. & Ors.) in respect of allocation of Marki Mangli-I coal block to A-1 company. Chargesheet was filed after investigation in that case. Cognizance was also taken, charges were framed u/s 120-B and 420 IPC. 11. The matter is pending before this Court for prosecution evidence. 12. In the prosecution complaint, it is alleged that after securing the allocation of the coal block, proceeds of crime have been generated by the accused persons by (a) Transfer of the equity shares of the A-1 company and (b) Mining/Production of coal which were utilized/sold and thus funds were generated. 13. Giving details of the transfer of shares, it is stated that initially total shares of A-1 company were 700 shares out of which 5....

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....cal Services Pvt. Ltd. [a company jointly held to the extent of 50:50 by the Agrawal Group and the Sarda Group (owned and controlled by A4 - Nandkishore Sarda)] ; (ii) 40,00,000 equity shares issued to M/s. Melton Vincom Pvt. Ltd. [a company owned and controlled by the Daga Group] . 17. Through the above exercise, A-1 Company raised share capital of Rs. 32 crores by issuance of the said 70,00,000 fresh shares. 18. Pursuant to the above-mentioned transactions, the shareholding of Al Company as on 30.09.2011 was as under:- Table No. 3 Sr. No. Name of the shareholders No. of shares 1. Shri Ashish M. Agrawal 10 2. Smt. Swarna Daga Mimani 250 3. M/s Kalash Mercantile Pvt....

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....Oriental Iron Casting Ltd. The three groups obtained Rs. 116.58 crores as follows: (i) Daga Group = Rs. 59 crores (ii) Agrawal Group = Rs. 28.75 crores (iii) Sarda Group = Rs. 28.75 crores 21. It is also alleged that it had appeared from the audited balance sheet of A-l as on 31.03.2012, that its fixed assets (minus the land) were shown as Rs. 164.25 Crores. Similarly, the land at Yavatmal District of Maharashtra owned by A-1 company has been taken as Rs. 43.26 crores. It further appears that this figure is basis the last transaction done by the A-1 company in May 2011. It becomes apparent that the at least the amount of Rs. 72.89 crores paid by M/s. Oriental Iron Casting Ltd.....