ED chargesheets ex-NCL CMD Bhola Singh in money laundering case
Bhopal/Jabalpur, July 6 (IANS) In a significant breakthrough in its anti-corruption drive, the Directorate of Enforcement (ED), Bhopal Zonal Office, has filed a chargesheet against Bhola Singh, the then Chairman and Managing Director (CMD) of Northern Coalfields Limited (NCL), under the Prevention of Money Laundering Act (PMLA), 2002.
The complaint was filed before the Special Court (PMLA) in Jabalpur, which has issued notice to the accused, a press release said on Monday.
The case stems from an FIR registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch-II, New Delhi, charging Bhola Singh with possessing disproportionate assets under Sections 13(2) read with 13(1)(b) and Section 12 of the Prevention of Corruption Act, 1988 (as amended in 2018).
The alleged irregularities occurred during his tenure as CMD of NCL between January 1, 2022, and January 31, 2024, the press release said.
The ED’s investigation uncovered that Bhola Singh knowingly acquired, possessed, concealed and projected proceeds of crime as untainted property. This included substantial cash holdings, gold jewellery and the use of third-party funds routed through banking channels to acquire immovable assets.
A key revelation was the utilisation of Rs 50 lakh received from a third party, combined with other funds, to purchase a residential flat at SAIL City in Ranchi. By doing so, Singh allegedly attempted to legitimise these illicit gains.
The total proceeds of crime identified and quantified during the investigation amount to Rs 2.79 crore.
Acting swiftly, the ED had earlier issued a Provisional Attachment Order, attaching movable and immovable properties valued at Rs 2.79 crore.
The attached assets include gold jewellery recovered from bank lockers and the residential flat in Ranchi.
This development highlights the ED’s aggressive stance against high-level public servants allegedly involved in financial irregularities within key sectors such as coal mining.
Northern Coalfields Limited, a subsidiary of Coal India Limited, plays a crucial role in India’s energy sector, making the case particularly sensitive.
Sources indicated that the investigation is ongoing, with the ED examining deeper financial trails and the potential involvement of other individuals.
The attachment of properties aims to prevent any further dissipation of the alleged proceeds of crime while the trial proceeds.
The filing of the chargesheet marks a crucial step in the legal process.
If convicted under the PMLA, Singh could face stringent penalties, including rigorous imprisonment and fines.
–IANS
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