Illegal iron ore export case: ED raids places linked to K'taka MLA Satish Sail, seizes cash, gold
The searches, conducted on August 13 and 14 at locations in Karwar (Uttara Kannada), Goa, Mumbai, and New Delhi, were carried out under the Prevention of Money Laundering Act (PMLA), 2002.
The action stems from an ongoing probe into Sail, M/s Ashapura Minechem Ltd, M/s Shree Lal Mahal Ltd, M/s Swastik Steels (Hosepet) Pvt Ltd, M/s ILC Industries Ltd, M/s Sri Lakshmi Venkateshwara Minerals Ltd, and others convicted by a Special Court for MPs and MLAs in Bengaluru for illegal iron ore exports by M/s Shree Mallikarjun Shipping Pvt Ltd.
According to the ED, its investigation was initiated on the basis of the conviction order for offences under the Indian Penal Code and the Prevention of Corruption Act. Probe findings allege that Sail, in collusion with business entities and Belekeri Port officials, illegally exported nearly 1.25 lakh metric tonnes of iron ore fines between April 19 and June 10, 2010.
The ore, valued at Rs 86.78 crore, had already been ordered seized by the Forest Department, Ankola. The raids led to the recovery of Rs 1.41 crore in cash from Sail's residence and Rs 27 lakh from the premises of M/s Shree Lal Mahal Ltd.
The gold was found in a bank locker belonging to the Sail family.
Authorities also froze bank accounts linked to Sail and associated firms containing approximately Rs 14.13 crore.
Incriminating documents, emails, and other records were seized during the operations.
The ED stated that further investigation is in progress.
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