What Happened in the Belekeri Iron Ore Export Case? ED Raids 20 Locations in K'taka and Seizes Rs 12.80 Crore
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Synopsis
The Enforcement Directorate has launched extensive operations against illegal iron ore exports from Belekeri Port, uncovering a complex web of fraud. With assets valued at Rs 12.80 crore attached, the investigation reveals a collusion of entities cheating the state. What will be the consequences for those involved?
Key Takeaways
- ED raids 20 locations linked to illegal iron ore exports.
- Assets worth Rs 12.80 crore attached as part of the investigation.
- Cash of Rs 42 lakh seized during operations.
- Complex network of entities involved in fraudulent activities.
- Ongoing investigations are set to reveal more details.
Bengaluru, Oct 17 (NationPress) The Enforcement Directorate (ED)'s Bengaluru Zonal Office has executed search operations in accordance with the Prevention of Money Laundering Act (PMLA), 2002, at 20 locations and attached properties valued at Rs 12.80 crore related to the Belekeri iron ore export investigation, as stated in the official announcement on Friday.
The raids took place in Bengaluru on Thursday, extending to Hospet and Gurugram, focusing on the unlawful export of iron ore through Belekeri Port situated in the Karwar district of Karnataka.
During the search, numerous incriminating documents linked to illegal iron ore exports were discovered and confiscated from various locations.
Assets amounting to Rs 12.84 crore have been attached as per Section 17(1-A) of the PMLA.
In addition, cash totaling Rs 42 lakh was also seized.
Documents concerning immovable properties acquired from proceeds of illegal iron ore business were also recovered.
The ED's investigation commenced following multiple FIRs and charge-sheets filed by the Central Bureau of Investigation at the behest of the Supreme Court, pertaining to the illegal export of iron ore from Belekeri Port, exceeding 50,000 MT.
The investigation revealed a sophisticated network involving excavators, traders, transporters, and exporters, collaborating with shared goals to defraud the state of its rightful royalties and other statutory taxes.
The illicitly sourced iron ore was subsequently exported through this network for the direct benefit of the exporters.
In numerous instances, iron ore was acquired from fake or non-existent entities, creating a convoluted money laundering scheme.
Exporters have been unable to provide comprehensive documentation regarding the exported iron ore.
The illegal gains from these activities were utilized for the advantage of the exporting firms and their key management personnel.
This was misrepresented as legitimate business activity.
The following entities and their key management individuals, who significantly benefited from the unlawful iron ore exports via Belekeri Port, are included: MSPL Ltd. (Narendra Kumar Baldota), Greentex Mining Industries Ltd (Ajay Kharwanda), Srinivasa Minerals Trading Co (Y Srinivas Rao), Arshad Exports (Md. Asghar Khan), SVM Nett Project Solutions Pvt. Ltd (Basavaraj B), and Alphine Minmetals India Private Ltd. (Gagan Shukla).
Further investigations are currently underway.
Point of View
It's crucial to address the gravity of the situation surrounding the Belekeri iron ore export case. This investigation reflects a broader issue of corruption and the urgent need for accountability in our business practices. The ED's decisive actions underline our commitment to uphold the rule of law and protect the integrity of our economy.
NationPress
17/10/2025
Frequently Asked Questions
What is the Belekeri iron ore export case?
The Belekeri iron ore export case involves illegal exports of iron ore through Belekeri Port in Karnataka, leading to investigations by the ED.
What actions has the ED taken?
The ED has conducted raids at 20 locations, attached properties worth Rs 12.80 crore, and seized cash totaling Rs 42 lakh.
What is the significance of the PMLA in this case?
The Prevention of Money Laundering Act (PMLA) is the legal framework guiding the ED's investigation into the illicit earnings from illegal iron ore exports.
Who are the major entities involved?
Major entities include MSPL Ltd., Greentex Mining Industries Ltd., Srinivasa Minerals Trading Co., and others.
What is the next step in the investigation?
Further investigations are ongoing to uncover the full extent of the illegal operations and prosecute those involved.
