The Enforcement Directorate’s Panaji Zonal Office has provisionally attached three properties valued at Rs 2.29 crore under the Prevention of Money Laundering Act. These assets, including a flat in Mumbai and two land parcels in Maharashtra, are linked to a major fraud case involving Jiwa Mines and Minerals Ltd. The fraud targeted a China-based company, leading to a loss of approximately Rs 13.42 crore in 2010.
The attached properties are believed to be acquired using funds obtained through cheating a foreign entity. The Enforcement Directorate stated that these assets are proceeds of crime. The investigation began based on a case filed by the Economic Offences Cell of the Goa Police, revealing a pattern of diversion and misuse of funds by the accused.
The accused allegedly misled a Chinese firm into a joint venture for iron ore mining, promising mining rights and ownership through Jiwa Mines and Minerals Ltd. Despite receiving substantial funds, no mining activities took place, and the capital was allegedly diverted for personal gain. The Enforcement Directorate highlighted a systematic diversion of cheated funds for acquiring the now-attached properties.
