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Directorate of Enforcement (ED), Bengaluru Zonal Office, on Thursday issued a Provisional Attachment Order (PAO) dated September 2 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, attaching immovable property of Rs 2.10 crore (approx.) in the form of residential plots in the case of Akshatha Minerals and others.
According to a press release, the ED investigation was initiated on the basis of an FIR registered by the CBI in October 2013 pursuant to the directions of the Supreme Court of India concerning illegal mining and export of iron ore from Belekeri Port. Investigation revealed that SVK Minerals, a partnership firm, was engaged in trading of iron ore. During the period from January 1, 2009, to May 31, 2010, the firm supplied illegally procured iron ore to various entities. Investigation established that 48,471 MT of iron ore, supplied through Bharat Ores and Minerals and ultimately to HLL Lifecare Ltd, was not supported by valid DMG/Bulk/Transit permits, the press release stated. It is also established that M/s SVK Minerals has also supplied illegally excavated iron ore to M/s Arshad Exports totalling 56,081.43 MT, which was further exported to China by M/s Arshad Exports, the release said. Investigation further revealed that the profits earned from the illegal iron ore trading activities were partly utilised for acquisition of immovable properties by the partners of SVK Minerals. Accordingly, ED provisionally attached four immovable properties held in the names of Shyamraj Singh and B.S. Nandakumar Singh under Section 5 (1) of the PMLA, 2002. Further investigation is in progress. Earlier, under the mandate of "Nasha Mukt Bharat" (drug-free India), the Enforcement Directorate (ED) carried out massive search operations covering 30 premises across all the zones of the southern region in different narcotics-related cases covering the states of Keralam, Karnataka, Tamil Nadu and Telangana, officials said. The federal agency launched the search action simultaneously at 30 premises linked to suspects in multiple narcotics-related cases registered by the concerned law enforcement agencies in India's southern regions, as well as the Narcotics Control Bureau. These cases are also being probed by the ED under the Prevention of Money Laundering Act (PMLA), 2002. (ANI)
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