PANAJI
The Directorate of Enforcement (ED) has taken action against the two mining firms on charges of alleged money laundering. ED officials informed that they have provisionally attached immovable and movable properties worth Rs 13.38 crore belonging to ‘M/s Magnum Minerals Pvt Ltd (MMPL)’ and ‘Kadnekar & family’ in connection with the investigation conducted under PMLA, 2002 related to the illegal mining in Goa.
The agency had initiated an investigation based on the First Information Report (FIR) registered by the Special Investigation Team of Crime Branch under various sections of IPC and section 13 of the Prevention of Corruption Act, 1988, which pertains to the alleged illegal extraction of iron ore by certain leaseholders/mine operators.
Of the total properties confiscated, two immovable properties are worth Rs 1.04 Crore while the movable properties are valued at Rs. 12.34 crore.
As per details shared by the ED, the investigation revealed that mine owners of TC No 12/53 fraudulently and in connivance with the government officials obtained the condonation of delay on April 25, 2006.
“In addition to that, under the garb of power of attorney, they delegated the mining activities to MMPL, an entity controlled by MFC group, Canada with respect to both the TCs - TC No 12/53 and 75/52, which was constituted with Indians as shareholders, but subsequently, the entire shareholding was transferred to its holding companies based in Canada,” it said.
This, the ED added, violated Rule 37 read with 52 of Mineral Concession Rules, 1960 and Section 5 of the Mines And Minerals (Development And Regulation) Act, 1957.
The ED further said that the entire proceeds generated from iron ore mining from TC 12/53 and 75/52 and additional proceeds generated by the export of the iron ore are also proceeds of crime which resulted in the theft of natural resources, criminal breach of trust and cheating.
Concerned officials of both firms are likely to be quizzed in connection with the matter, with government officials who abetted the crime could also come under the radar. However, further details are awaited.
