The Directorate of Enforcement (ED), Bhopal Zonal Office, has filed a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002, against the then Chairman and Managing Director of Northern Coalfields Limited (NCL), Bhola Singh. ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI).
The investigation revealed that Bhola Singh allegedly acquired, possessed and concealed proceeds of crime (PoC) by holding cash and gold jewellery and by using third-party funds routed through banking channels for the acquisition of immovable property.
The agency also found that 50 lakh rupees received from a third party was used, along with other funds, to purchase a residential flat in Ranchi.
The ED has identified proceeds of crime worth two crore 79 lakh rupees. It had earlier issued a Provisional Attachment Order attaching movable and immovable properties, including gold jewellery recovered from bank lockers and a residential flat situated at Ranchi.
