NT Reporter
Panaji
The Enforcement Directorate’s (ED) Panaji zonal office, which is probing money laundering angle linked to a cheating case in mining business, has provisionally attached three immovable properties worth Rs 2.29 crore under the provisions of the Prevention of Money Laundering Act (PMLA).
According to information, a China-based company, Lao Ting Dadi Mobile Components, was allegedly cheated by Jiwa Mines and Minerals, Vasco, to the tune of over Rs 13 crore in 2010.
The attached assets are two land parcels located at Galel, Sawantwadi in Sindhudurg district, and a residential flat in Andheri (West), Mumbai, ED said.
The investigation was initiated on the basis of an FIR registered by the economic offences cell of the Goa Police over cheating and criminal breach of trust.
A chargesheet was subsequently filed in connection with the case.
ED officials said the attached properties represent proceeds of crime and were acquired in the names of the accused associated with the mining firm.
“These properties were purchased using proceeds of crime generated through cheating M/s Lao Ting Dadi Mobile Components Co Ltd of around Rs 13.42 crore ($2.95 million) during 2010,” ED disclosed.
The probe has revealed that the accused induced Lao Ting Dadi Mobile Components to enter into a joint venture for iron ore mining and export through Jiwa Mines & Minerals Ltd, based on false assurances and misrepresentation of ownership and mining rights.
Despite receiving substantial funds for mining and export operations, no excavation or export activity was ever undertaken, ED noted.
“Instead, the accused diverted the funds for personal enrichment, including the acquisition of immovable properties. Bank trail analysis established systematic diversion, layering, and the utilisation of the cheated funds,” the agency added.
