ED attaches Rs452 cr assets of Singapore shell company

Tribune News Service

New Delhi, January 5

The Enforcement Directorate (ED) today said it had issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) to seize assets worth Rs 452 crore belonging to AS Coal Pte Singapore, a Singapore-based shell company owned by a British national Jaimin Vyas in a fraud case.

The attached assets are in the form of 8.86 per cent shares of ILFS Tamil Nadu Power Company Limited (ITPCL), which has a current market value of Rs 452 crore.

The ED had initiated investigation under the PMLA on the basis of the FIR registered by the Delhi police’s Economic Offence Wing (EOW) against IRL, ITNL, which are group companies of Infrastructure Leasing & Financial Services Limited (IL&FS), and their officials and others.

Investigation was also conducted by the serious fraud investigation office (SFIO) and a criminal complaint has been filed by the SFIO against IL&FS Financial Services (IFIN) and its officials invoking Section 447 of Company’s Act, 2013.

The ED while probing the case revealed that a well-planned conspiracy to defraud IL&FS and Indian Banks was hatched by Vyas in connivance with official of the infrastructure company and one Chinese EPC contractor, SEPCO III. The company’s right to select the EPC contractor was illegally delegated to Vyas, violating the terms and conditions of share purchase agreement.