By Divyesh Singh: The Directorate of Enforcement (ED) has provisionally attached immovable and movable properties worth Rs 13.38 crore belonging to M/s Magnum Minerals Pvt Ltd (MMPL), Kadnekar and family (lease owner of Title Concession (TC) No. 12/53 and 75/52) in connection with a money laundering investigation conducted under the Prevention of Money Laundering Act (PMLA), 2002, related to illegal mining in Goa.
The ED initiated the investigation on the basis of a first information report (FIR) registered by North Goa’s crime branch under various sections of the Indian Penal Code (IPC), 1860 and section 13 of the Prevention of Corruption Act, 1988, regarding the illegal extraction of iron ore by certain leaseholders/mine operators.
The investigation by the ED 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. Also, 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 i.e. TC No. 12/53 and 75/52, which was constituted with Indians as shareholders.
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Still, subsequently, the entire shareholding was transferred to its holding companies based in Canada, thereby violating Rule 37 r/w 52 of Mineral Concession Rules, 1960 and section 5 of the Mines And Minerals (Development And Regulation) Act, 1957.
Therefore, the entire proceeds generated from iron ore mining from TC 12/53 and 75/52 and additional proceeds generated by the iron-ore export are proceeds of crime, resulting in the theft of natural resources, criminal breach of trust and cheating.
In connection with this, as many as two immovable properties worth Rs 1.04 crore and movable properties worth Rs 12.34 crore have been attached by the ED.
Further investigation is underway.
