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The Enforcement Directorate has provisionally attached the assets worth Rs 134.38 crore of Aatash Norcontrol Ltd. in Gujarat Maritime Scam, as per a press release issued on Saturday.The assets have been attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.The attached assets are in the form of a plant, machinery, computer and computer software, land, and building worth more than 90 crore rupees and bank accounts with fixed deposits worth more than 43 crore rupees.Aatash Norcontrol Ltd. is a Joint Venture between Aatash Computers and Communications Pvt. Ltd, an Indian company, and Kongsberg Norcontrol IT AS, a Norwegian country.This company is engaged in the construction and operation of the Vessel Traffic and Ports Management System (VTPMS) and it provides navigation services to the vessels, as per the release.ED initiated a money-laundering investigation on the basis of an FIR registered by CID-Crime, Gandhinagar against Aatash Norcontrol Ltd. (ANL) and others for committing a fraud of Rs. 134.38 Crore with Gujarat Maritime Board(GMB).The money-laundering investigation revealed that the company was awarded a contract by GMB for building and operating the "Vessel Traffic & Port Management System" (VTPMS) for the Gulf of Khambhat.The VTPMS infrastructure became operational in August 2010 and thereafter, the firm started collecting the VTS Fees/ Charges from the vessels as per the Concession Agreement.As per the release, the firm exaggerated the cost of the project to GMB and thereby misled the GMB into fixing higher tariff rates for navigation of vessels."By resorting to false and fabricated cost of the project, M/s. ANL received excess payment to the tune of Rs. 134.38 Crore during the concerned period, which is nothing but proceeds of crime generated by M/s. ANL from the commission of a scheduled offence" said the release.Further investigation into the matter is in progress.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Aatash norcontrol ltd., Latest News

National :ED attaches assets worth over Rs 134 cr of Aatash Norcontrol Ltd in Gujarat Maritime Board Scam

The Enforcement Directorate has provisionally attached the assets worth Rs 134.38 crore of Aatash Norcontrol Ltd. in Gujarat Maritime Scam, as per a press release issued on Saturday. ...