Enforcement Directorate (ED) seized assets over ₹1,023 crore tied to alleged illegal iron ore mining in Goa. Announced Sunday,follows provisional order from June 19 under Prevention of Money Laundering Act (PMLA). Investigation targets Salgaocar Groups and associates,AVS Group,accused of widespread illegal mining from 2007 to 2012.
Attached assets include 99 Indian properties worth ₹459.10 crore,31 Singapore properties valued at ₹471.32 crore. ED also froze equity shares in Indian firms totaling ₹93.42 crore. These shares held under names like Estate of Late Anil Salgaocar and Salgaocar Mining Industries.
ED's probe started with an FIR by Goa Police CID . Agency referenced Supreme Court rulings from 2014,2018,which declared all Goa mining illegal post-November 22,2007,until new leases issued. ED says AVS Group ran ten mining leases in that time,generating illicit proceeds of ₹2,492.95 crore from illegal iron ore extraction,sale,export.
Illegally mined ore exported at undervalued rates to shell companies in British Virgin Islands. These acted as intermediaries,reselling ore to China,earning extra offshore profits of ₹2,744.89 crore. Total crime proceeds identified by ED hit ₹5,237.84 crore. Agency claims funds funneled through BVI,Singapore-based vehicles,used to acquire assets abroad,partly reinvested in India as share capital…
