The Enforcement Directorate (ED) has attached movable and immovable properties, including assets in Singapore, valued at Rs 1,023.85 crore in connection with illegal iron-ore mining in Goa by the Salgaocar Group and its associated firms. The attached assets consist of 99 immovable properties in India worth Rs 459.10 crore, 31 immovable properties in Singapore valued at Rs 471.32 crore, and equity shares in Indian companies amounting to Rs 93.42 crore. These properties were held under various names including the Estate of Late Anil Vassudeva Salgaocar, Salgaocar Mining Industries, and others, as per the ED.
The ED’s action was taken under the Prevention of Money-Laundering Act (PMLA), 2002, through a Provisional Attachment Order dated June 19. The investigation was initiated based on an FIR filed by the CID Crime Branch, Goa, for violations under various acts including the IPC, Prevention of Corruption Act, and the MMDR Act. The ED’s probe revealed that the AVS Group, operating 10 mining leases between 2007-2012, amassed proceeds of crime amounting to Rs 2,492.95 crore from the illegal extraction, sale, and export of iron ore.
According to the ED, the illegally mined ore was sold at undervalued prices to shell entities in the British Virgin Islands, which then resold the ore to China, generating additional offshore trade profits of Rs 2,744.89 crore. The total Proceeds of Crime involved in the case are estimated at nearly Rs 5,237.84 crore. These funds were allegedly routed through British Virgin Islands and Singapore-based Special Purpose Vehicles (SPVs) to acquire movable and immovable assets abroad, with a portion of the proceeds channeled back into India as share capital.
