Enforcement Directorate Attaches ₹1,024-Crore Assets in Major Goa Mining Case Probe
The Enforcement Directorate has provisionally attached assets worth ₹1,023.85 crore related to a massive illegal iron ore mining case in Goa. The investigation into the Salgaocar Groups highlights alleged money laundering involving offshore shell companies and significant financial irregularities.
Highlights
- •The Enforcement Directorate attached assets worth ₹1,023.85 crore in a major Goa mining case.
- •The probe involves immovable properties in both India and Singapore, alongside Indian equity shares.
- •Authorities estimate the total proceeds of the alleged illegal mining operations at ₹5,237.84 crore.
- •The investigation alleges funds were laundered through shell companies in the British Virgin Islands and Singapore.
The Enforcement Directorate (ED) has taken significant action in a high-profile economic investigation, attaching assets valued at ₹1,023.85 crore linked to an alleged illegal iron ore mining operation in Goa. This enforcement action, formalized through a provisional attachment order issued on June 19, marks a major development in the ongoing probe concerning the Salgaocar Groups and their associates.
The authorities have identified a wide array of properties involved in this Goa mining case. The seized assets include 99 immovable properties located across India, with an estimated value of ₹459.10 crore, alongside 31 immovable properties in Singapore valued at ₹471.32 crore. Additionally, equity shares held in various Indian companies, amounting to ₹93.42 crore, have also been brought under the scope of this attachment order.
Details of the Investigation and Assets
The investigation centers on allegations regarding illicit iron ore extraction and subsequent financial irregularities. The assets under scrutiny are held by entities including the Estate of Late Anil Salgaocar—represented by administrator Lakshmi Anil Salgaocar—as well as Salgaocar Mining Industries, Shantilal Khushaldas & Brothers, S Kantilal & Co., Salitho Ores, Vertex Newton Projects, and Subarnarekha Port.
This probe originated from a First Information Report (FIR) initially registered by the Goa Police CID. According to official findings, the Supreme Court ruled in both 2014 and 2018 that mining activities conducted in Goa following November 22, 2007, and continuing until the issuance of new mining leases, were unauthorized. Officials allege that the AVS Group managed 10 specific mining leases between 2007 and 2012. Throughout this period, the group reportedly generated proceeds of crime totaling ₹2,492.95 crore through the unlawful extraction, sale, and exportation of iron ore.
Financial Layering and Allegations
Investigators contend that the illicitly mined iron ore was exported at undervalued rates to shell companies based in the British Virgin Islands. These entities then allegedly resold the ore to China, capturing offshore trade profits estimated at ₹2,744.89 crore. By consolidating these figures, the Enforcement Directorate has calculated the total proceeds of crime to be approximately ₹5,237.84 crore.
The agency further suggests that these funds were subjected to complex layering techniques through special purpose vehicles located in the British Virgin Islands and Singapore. These mechanisms were allegedly employed to facilitate the acquisition of foreign assets, with portions of the capital subsequently routed back into the Indian economy under the guise of share capital investment. The authorities continue to examine these financial trails as part of their broader enforcement efforts against money laundering.
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