PANAJI
The Directorate of Enforcement (ED), Panaji Zonal Office, has provisionally attached three immovable properties worth Rs 2.29 crore under the provisions of the Prevention of Money Laundering Act at Sawantwadi & Mumbai in 2010 Jiwa Mines money laundering case.
In a statement by ED, the probe began based on an FIR registered by the Economic Offences Cell of Goa Police for alleged offences of cheating and criminal breach of trust, and subsequent chargesheet.
The attached assets comprise two parcels of land at Galel in Sawantwadi, Sindhudurg district, Maharashtra, and a residential flat at Andheri (West), Mumbai. The ED stated that these assets constitute “proceeds of crime” and were allegedly acquired in the names of the accused using funds generated through cheating.
According to the agency’s findings, the accused induced M/s Lao Ting Dadi Mobile Components Co. Ltd to enter into a joint venture for iron ore mining and export through Jiwa Mines & Minerals Ltd by making false assurances and misrepresenting ownership and mining rights.
“It is alleged that around Rs 13.42 crore (USD 2.95 million) was received in 2010 for mining and export operations. However, no mining or export activity was carried out. The funds were instead allegedly siphoned off for personal gain, including the purchase of immovable properties. Bank trail analysis revealed systematic diversion, layering and utilisation of the allegedly cheated funds,” the ED said.
