ED takes possession of Rs 7-cr assets of former Jharkhand minister

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New Delhi, Feb 19 (PTI) The ED on Friday said it has taken possession of four immovable properties worth about Rs 7 crore of former Jharkhand minister Bhanu Pratap Shahi in a money laundering case.

It said while three assets are located at Babhani Mauza, the fourth is situated at Jangipur village in the state's Garhwa district.

'The registered value of these properties, spread in about 6.94 acres, is Rs 13.24 lakh. However, their present market value is more than Rs 7 crore,' the Enforcement Directorate said in a statement.

These assets were attached by the ED in December, 2013 and the Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) confirmed that order in May, 2014.

Shahi has been a cabinet minister for health and labour in the CM Madhu Koda cabinet and the ED and CBI had alleged that he abused his official position to create illegal assets between 2005-09.

This case is linked to the complaint filed by the two probe agencies against former state chief minister Koda and others on alleged corruption charges.

The money laundering case against the former minister is under trial before a special PMLA court in Ranchi.

Sahi, the ED said, while being an MLA and cabinet minister in Jharkhand during 2005-2009 was 'indulging in the offence of money laundering with assistance of his relatives and others and companies controlled by him like Sonanchal Buildcon Pvt Ltd and Angesh Trading Co Pvt Ltd and acquired proceeds of crime to the tune of Rs 7,97,96,888.' 'He projected the proceeds of crime, in the form of various movable and immovable properties, as untainted,' the ED alleged. 'The proceeds of crime were found to be transferred from one account to another for the purpose of layering of the tainted funds and then invested in immovable and movable properties, so as to integrate the criminal proceeds with legal economy as normal business funds to hide the taint of crime,' the agency alleged.

The ED has earlier taken possession of 15 immovable assets located in Ghaziabad, Gurugram and Ranchi in the case against Shahi. PTI NES TDS TDS