New Delhi: The Enforcement Directorate (ED) made Wednesday a provisional attachment of 25 moveable and immoveable properties worth over Rs 40 crore belonging to the son of expelled DMK leader MK Alagiri under the money-laundering act, an official statement said here.
It said the ED has provisionally attached land, buildings in Madurai, Chennai and fixed deposits totalling to Rs 40.34 crore of Olympus Granites Pvt. Ltd. under Prevention of Money Laundering Act (PMLA), 2002 (PMLA) in the illegal granite mining case.
According to the ED, the company’s share holders 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.
The ED initiated investigation under PMLA against Olympus Granites P Limited, Madurai to identify the crime proceeds on the basis of FIR and chargesheet filed by Tamil Nadu Police against the company, its promoters and directors and other individuals.
The chargesheet discloses commission of various offences including offences under the Indian Penal Code, Explosive Substances Act, by the accused consequent to the illegal granite mining indulged by the company and other accused.
Investigation under PMLA revealed that the company and its promoters have 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 statement claimed that these earning were gained out of the illegal activity. Accordingly, 25 movable and immovable properties were identified as part of crime proceeds and properties worth of Rs 40.34 crore were provisionally attached under the provisions of PMLA.