The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth ₹1,023.85 crore — including assets held in Singapore — in connection with large-scale illegal iron-ore mining in Goa by the Salgaocar Group and its associated firms. The Provisional Attachment Order, issued on 19 June under the Prevention of Money-Laundering Act (PMLA), 2002, marks a significant escalation in a money-laundering probe that investigators say generated proceeds of crime totalling nearly ₹5,237.84 crore.

What Was Attached and Where

The attached portfolio spans 99 immovable properties in India valued at ₹459.10 crore, 31 immovable properties in Singapore valued at ₹471.32 crore, and equity shares in Indian companies worth ₹93.42 crore. The assets were held across multiple entities, including the Estate of Late Anil Vassudeva Salgaocar (administered by Lakshmi Anil Salgaocar), Salgaocar Mining Industries, Shantilal Khushaldas & Brothers, S. Kantilal & Co, Salitho Ores, Vertex Newton Projects, and Subarnarekha Port.

How the Alleged Fraud Was Structured

According to the ED, the AVS Group — the collective label for the Salgaocar Group and its associates — operated 10 mining leases in Goa between 2007 and 2012, generating proceeds of crime of ₹2,492.95 crore from the illegal extraction, sale, and export of iron ore. The illegally mined ore was reportedly exported at grossly undervalued prices to shell entities — Special Purpose Vehicles (SPVs) — incorporated in the British Virgin Islands (BVI). These paper intermediaries then resold the ore to China, generating further offshore trade profits of ₹2,744.89 crore, the agency said.

The funds were allegedly layered through BVI and Singapore-based SPVs, used to acquire assets abroad, and partly routed back into India in the guise of share capital — a classic round-tripping structure, according to investigators.

Supreme Court Backdrop

The ED's action rests partly on two landmark Supreme Court judgments — dated 21 April 2014 and 7 February 2018 — which held that all mining undertaken in Goa after 22 November 2007 (until the issuance of fresh mining leases) was illegal and without lawful authority. The investigation was initiated on the basis of an FIR registered by the CID Crime Branch, Goa, for offences under the Indian Penal Code, 1860, the Prevention of Corruption Act, 1988, and the Mines and Minerals (Development and Regulation) Act, 1957.

Scale of the Alleged Money Laundering

The total proceeds of crime identified by the ED stand at nearly ₹5,237.84 crore — combining domestic extraction proceeds and offshore resale profits. The current attachment of ₹1,023.85 crore represents a partial freeze; investigators are expected to pursue further attachments as the probe advances. This is among the largest single attachment orders in a natural-resources money-laundering case in recent years.

What Comes Next

A provisional attachment under PMLA is subject to confirmation by the Adjudicating Authority within a statutory timeframe. The ED is likely to file a prosecution complaint before a special PMLA court as the investigation matures. The cross-border dimension — spanning BVI and Singapore — suggests the agency may also invoke mutual legal assistance treaties (MLATs) for further asset recovery abroad.