A CBI special court here on Tuesday convicted five persons in connection with a coal scam case related to Lalgarh (North) coal block allocated during the Atal Bihari Vajpayee government in 2003, officials said.

The CBI special judge convicted Binay Prakash, the then managing director of Ranchi-based Domco Pvt. Ltd.; the then directors Vasant Diwakar Manjrekar and Paramananda Mondal; chartered accountant Sanjay Khandewal and the company Domco Pvt. Ltd.

The court will hear arguments on the quantum of sentences on Wednesday.

"This case was registered on the basis of a preliminary enquiry initiated by CBI on the directions received from CVC related to coal blocks allocated during the period from 1993 to 2005. During enquiry, it was revealed that the Lalgarh (North) Coal block was identified in favour of the company by the 19th Screening Committee and accordingly, the company was intimated vide MoC letter dated November 24, 2003," CBI Spokesperson RC Joshi said.

The CBI had alleged that Prakash, promoter director of Domco Pvt. Ltd., entered into conspiracy with unidentified persons and submitted false information to authorities while applying for the block.

It is alleged that the Prakash made gains of Rs 7 crore by selling shares of the company on premium, after the allocation of the coal block.

"After investigation, charge sheet was filed on December 22, 2015 against the accused. The trial court found the five accused guilty and convicted them," Joshi said.