The Enforcement Directorate said on Sunday that it had seized assets worth more than… $1,023 crore, including properties located in Singapore, in the alleged illegal iron ore mining case in Goa.
The central agency said in a statement that an interim order was issued on June 19 under the Prevention of Money Laundering Act (PMLA) in relation to large-scale illegal iron ore mining by the Salgaocar Group and its associates (AVS Group).
The attached assets include 99 immovable properties located in India ( $459.10 crore), 31 immovable properties in Singapore ( $471.32 crore) and equity shares in Indian companies ( $93.42 crore) is held in the names of the estate of late Anil Salgaokar (through its director Lakshmi Anil Salgaokar), Salgaokar Mining Industries, Shantilal Khushaldas & Brothers, S. Kantilal & Co., Salithu Oris and Vertex Newton Enterprises. And Subarnarika Port, according to the Executive Directorate.
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The total value of the assets is $1,023.85 crores.
ED tracks Goa’s mining money trail
The money laundering investigation stems from the FIR of the Goa Police CID. The Supreme Court, through its judgments in 2014 and 2018, held that all mining operations undertaken in Goa after 22.11.2007 (until new mining leases were issued) were illegal, the CEO said.
The agency claimed that its investigation found that the AVS Group operated ten mining leases during the period 2007-2012 and generated proceeds of crime worth $2,492.95 crore from illegal extraction, sale and export of iron ore.
“Illegally” mined ore was exported at “significantly undervalued” prices to shell entities (special purpose vehicles) established in the British Virgin Islands, which acted as mere paper brokers and resold the ore to China, generating further offshore trading profits. $Rs 2,744.89 crore.
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The total proceeds of crime are calculated as $5,237.84 crore, according to the agency.
“These funds were routed through BVI and special purpose companies based in Singapore, and were used to acquire significant moveable and immovable assets abroad, and were partly routed to India under the guise of capital,” the ED alleged.
