Enforcement Directorate (ED) has frozen assets worth Rs 245 crore in connection with its money laundering probe in the alleged fraud of Rs. 2,200 crore with the State Trading Corporation (STC).

The agency had early this year registered a criminal case under the Prevention of Money Laundering Act (PMLA) against Global Steel Holding Limited, its chairman Pramod Kumar Mittal and others based on an FIR by the CBI.

The agency said, proportionate share of Mittal and Global Steel Holding Ltd in Balasore Alloys Limited which includes building, plant and machinery of Balasore Alloys valued at about Rs. 245 crore has been attached in lieu of the proceeds of crime.

The agency has earlier attached shares worth Rs. 62 crore in the name of Mittal and others in this case.

The CBI case had been registered on the basis of a complaint from the STC.

It is alleged that Mittal committed criminal breach of trust as he failed to make payments as per terms and conditions of the agreement with STC. #casansaar (Source - NewsonAir)