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ED seizes ₹9.67 cr in assets from Jharkhand coal trader

The ED initiated the investigation based on an FIR registered by Jharkhand Police against Mohd. Izhar Ansari, his truck driver Syed Salmani, and others under various sections of the IPC and Coal Mines Act, 2017.

News Arena Network - Ranchi - UPDATED: July 2, 2024, 10:39 AM - 2 mins read

ED seizes ₹9.67 cr in assets from Jharkhand coal trader

Image for representative use only.

The Enforcement Directorate (ED) has provisionally seized 62 immovable properties worth ₹9.67 crore belonging to Izhar Ansari under the provisions of the Prevention of Money Laundering Act (PMLA).

A charge sheet has been filed by Jharkhand Police against Mohd. Izhar Ansari and others.

In this case, 19.56 metric tonnes of illegally transported coal, including the truck, was seized by Jharkhand Police.

The ED investigation revealed that Mohd. Izhar Ansari had misused the coal linkage policy, under which subsidized coal was allotted to his small and medium enterprise for captive consumption.

Approximately 86,568 metric tonnes of coal were allotted to 13 SME firms of Mohammad Izhar Ansari. Instead of using it as raw material for his own consumption, he sold the coal in the open market, earning ₹71.32 crore.

Further investigation revealed that these 13 firms were not functioning at their given addresses or did not even exist.

The investigation also revealed that they acquired huge proceeds of crime (POC) by selling subsidised coal at higher prices in the open coal market of Varanasi and Dhanbad, and invested the same POC in several immovable properties.

The ED investigation indicated that Izhar Ansari paid commissions to certain public servants in exchange for subsidised coal allocation.

The ED conducted searches at the premises of Mohammad Izhar Ansari and seized cash worth ₹3.68 crore.

Subsequently, Mohd. Izhar Ansari was arrested on January 16, 2024, and is presently in judicial custody.

Furthermore, a prosecution complaint was filed on March 15, 2024, before the Special (PMLA) Court, Ranchi, against Mohd. Izhar Ansari, Ishtiaq Ahmed, and M/s Rajhans Ispat Pvt Ltd.

The Court took cognisance of the complaint on March 18, 2024. The investigation in this case is ongoing.

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