The Enforcement Directorate Chennai has provisionally attached 517 immovable properties valued at about ₹ 98 Crores of M/s M.R. Granites, Madurai , M/s R.R. Granites Madurai, and related persons, under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
In 2013, five FIRs were registered by the Madurai District Police of Tamil Nadu against M/s Madurai Granite Exports, M/s M R Granites and M/s R R Granites and their Proprietors/Partners.
After completion of investigations, charge sheets were filed by the police alleging illegal quarrying of Multi-coloured Granites at Melur, Keelavalavu, Rasipuram and other places in and around Madurai District by the accused, with a common object to trespass into the nearby areas of Government’s Rocky Poramboke land. It was also alleged that, deadly explosive substances were used for carrying out illegal mining works, which is an offence under the Explosive Substances Act, 1908. It was further alleged that they have misappropriated the multi-coloured granite blocks in an illegal manner during the period between 2001 and 2012.
It was estimated that the loss to the Government exchequer and the consequent illegal gain to the accused there in was about ₹ 450 crores in this case. As some of the offences invoked there in are scheduled offences under PMLA and on finding a prima facie case of money laundering, investigations were initiated by ED, Chennai under the provisions of PMLA.
During the investigation conducted by the Directorate of Enforcement, it was noticed that the accused firms along with the key persons concerned had entered into a criminal conspiracy to illegally quarry multi-colour Granite blocks from non-leasehold lands. They had also resorted to illegal quarrying from the Government poramboke lands, by removing the boundary stones erected by the Revenue Department.
Investigation under PMLA, had so far revealed that during and after the above said crime period, the suspected persons had acquired a huge number of immovable properties in their names and in the name of their family members, out of proceeds of crime derived by them. Investigations revealed that the proceeds of crime were integrated into the legal financial system and were projected as money acquired through legitimate sources as Agricultural and other income. By selling the immovable properties for profits and buying further properties and by re-investing in acquisition of mining licences etc. they got further additional revenues from the proceeds of crime.
During the investigations, the Directorate of Enforcement identified about 517 such immovable properties totally valued at ₹.98 Crores (as per the Guideline Value). The present market value of these properties would be about ₹ 200 Crores. As these immovable properties are involved in money laundering, ED, Chennai, attached the same provisionally under the provisions of PMLA.
Further investigations are in progress.
Published - October 30, 2017 02:05 pm IST
