[ecis2016.org] The ED has said that it made a provisional attachment of 25 properties worth over Rs 40 crores, belonging to the son of expelled DMK leader MK Alagiri, under the money laundering act
The Enforcement Directorate (ED), on April 24, 2019, said it has provisionally attached land and buildings in Madurai and Chennai and fixed deposits, totalling to Rs 40.34 crores of Olympus Granites Pvt Ltd, under the Prevention of Money Laundering Act, 2002 (PMLA) in the illegal granite mining case.
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According to the ED, the company’s shareholders S Nagarajan and Alagiri Dhayanidhi, along with other accused, criminally conspired and indulged in illegal mining activities in the adjacent TAMIN leased land, thereby, causing wrongful loss to the government and corresponding wrongful gain to themselves. Alagiri Dhayanidhi is the son of expelled DMK leader MK Alagiri.
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The ED initiated investigation under the PMLA against Olympus Granites Pvt Ltd, Madurai, to identify the crime proceeds, on the basis of an FIR and charge-sheet filed by the Tamil Nadu Police against the company, its promoters and directors and other individuals. The charge-sheet discloses commission of various offences, including offences under the Indian Penal Code and Explosive Substances Act, by the accused, consequent to the illegal granite mining indulged by the company and other accused.
Investigation under the PMLA revealed that the company and its promoters committed a scheduled offence and derived proceeds of crime, by indulging in the illegal quarrying and the trade proceeds of the company were further relentlessly incubated, resulting in further accruals of proceeds of crime, all of which were camouflaged in the organisational system as business earnings, the ED said. The ED’s statement claimed that these earnings were gained out of the illegal activity. Accordingly, 25 movable and immovable properties were identified, as part of crime proceeds and the properties worth Rs 40.34 crores were provisionally attached under the provisions of the PMLA.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
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