ED Seizes ₹1,000 Cr Assets in Goa Illegal Mining Case! 🚨 Global Net Tightens
ED Seizes ₹1,000 Cr Assets in Goa Illegal Mining Case! 🚨 Global Net Tightens
Major crackdown! India's ED attaches over ₹1,000 crore in assets, including Singapore properties, in Goa's illegal iron ore mining scandal. Get the full story on this massive PMLA action!
The Enforcement Directorate (ED) has announced a significant breakthrough in Goa's alleged illegal iron ore mining case, attaching assets worth more than ₹1,023 crore. This major action, taken under the Prevention of Money Laundering Act (PMLA), targets the Salgaocar Groups and their associates, collectively known as the AVS Group.
A provisional order for attachment was issued on June 19, following a detailed investigation into large-scale illegal mining operations. The attached assets are extensive and globally spread, including 99 immovable properties in India valued at ₹459.10 crore, 31 immovable properties in Singapore worth ₹471.32 crore, and equity shares in Indian companies amounting to ₹93.42 crore. These assets are held under various names, including the Estate of Late Anil Salgaocar, Salgaocar Mining Industries, Shantilal Khushaldas & Brothers, S Kantilal & Co., Salitho Ores, Vertex Newton Projects, and Subarnarekha Port. The total value stands at ₹1,023.85 crore.
The money laundering probe originated from an FIR filed by the Goa Police CID. The ED's investigation highlights that the Supreme Court, through its judgments in 2014 and 2018, had declared all mining activities in Goa after November 22, 2007 (until fresh mining leases were issued) as illegal.
According to the agency's findings, the AVS Group operated ten mining leases between 2007 and 2012. During this period, they allegedly generated "proceeds of crime" totaling ₹2,492.95 crore from the illicit extraction, sale, and export of iron ore. The ED further revealed a complex scheme where the illegally mined ore was exported at "grossly undervalued" prices to shell entities incorporated in the British Virgin Islands. These entities acted as mere paper intermediaries, reselling the ore to China and generating additional offshore trade profits of ₹2,744.89 crore.
The total proceeds of crime in this elaborate scheme are calculated by the ED to be a staggering ₹5,237.84 crore. These funds were subsequently layered through the British Virgin Islands and Singapore-based Special Purpose Vehicles (SPVs), used to acquire substantial movable and immovable assets abroad, and partially rerouted back into India under the guise of share capital. This attachment marks a significant step in recovering these illicit gains and bringing those involved to justice.
