ED big action on industry group, attached property worth crores

Raipur. ED has taken major action against SKS Ispat, a big industrial group of the state. The ED has attached the company’s assets worth Rs 517.81 crore in the bank fraud case. SKS Ispat is established in Siltara. Attached assets include land, building, plant and machinery. ED informed that for award of EPC contract to SKS Power Generation (Chhattisgarh) Limited (SKSPGCL) approximately Rs. Sethar Limited had committed swindle of Rs 3500 crore.

228 crores to SKS Ispat & Power Ltd. Ispat & Power Ltd. in the guise of investing in the shares of the erstwhile parent company SKS (however, the compound interest at 12% p.a. was kept locked).