Shares of Trivikrama Prasad in Nava Bharat Energy India Ltd were also attached
Hyderabad: Attaching the assets of the city industrialists, the ED joint director at Hyderabad N. Sridhar said, “We have provisionally attached properties valued at Rs 186 crore in the matter relating to illegal allocation of coal blocks to Nava Bharat Power Projects Pvt. Ltd.”
Shares of Mr Trivikrama Prasad in Nava Bharat Energy India Ltd., worth Rs 139.59 crore, and Mr Harischandra Prasad’s investments in Malaxmi Power to the tune of Rs 45.1 crore were also attached.
In September 2012, the CBI had issued an FIR against Navabharat Power and its promoters, alleging that the company had made false claims and misrepresented facts to get coal blocks in Rampia blocks in Odisha. CBI filed a chargesheet in March 10, 2013 under IPC Section 120 B (criminal conspiracy) and 420 (cheating) against Mr Harishchandra Prasad, Mr Trivikrama Prasad and NPPL.
The CBI chargesheet alleged that NPPL and its directors, the two accused, had entered into a criminal conspiracy with officials of the Coal ministry for allocation of coal blocks.
Consequently, the promoters and share holders of NPPL sold off their shareholdings to ESSAR Power Limited for a sale consideration of Rs 231 crore, as against the net worth/book value as per the Audited Balance Sheets for the year 2009-10 which was about Rs 22 crore.
Mr Sridhar said, “The allocation of the coal block had exponentially enhanced the share value of NPPL. It is evident that by selling the shares, the promoters of the company had a windfall gain of more than Rs 200 crore.”
He added, “The proceeds of the crime, totaling Rs 186.11 crore, were found to be re-invested by Trivikrama Prasada in the form of 73,99,99,994 shares of M/s Nava Bharat Energy India Ltd. valued at Rs 747,99,99,988 (attachment to the extent of Rs 138.59 crores).”
The ED said, “Harishchandra Prasad invested the crime proceeds in 8.4 MW wind turbine generators at Rajasthan in the name of Malaxmi Wind Power, valued at Rs 45.1 crore (attachment to the extent of Rs 36.32 crore)."
Mr Sridhar added, “Land belonging to Adobe Realtors Pvt. Ltd, a 100 per cent owned subsidiary of PVP Global Ventures, to the extent of 28 acre at survey No. 609, Nadargul Village, Saroor Nagar Revenue Mandal in Ranga Reddy district valued at Rs 11.20 crore, was also attached.”
The ED, on May 28, 2013, had questioned industrialist and film producer Mr Potluri Vara Prasad regarding the same and his role in the scam had been ruled out.
The ED said, “PVP Ventures gave a loan of Rs 12 crore to Malaxmi from April 2008 to November 2009. Harsichandra Prasad repaid the loan with interest to the amount of Rs 4 crore. Apart from that, he paid a premium share of Rs 19 crore extra as asked by Mr Potluri Vara Prasad, out of which we have attached Rs 11.2 crore worth of land.”
( Source : dc correspondent )
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