ED Attaches ₹1,024 Crore Assets in Goa Mining Case Money Laundering Probe
The Enforcement Directorate has attached assets worth over ₹1,000 crore in connection with a major money laundering case involving illegal iron ore mining by the AVS Group in Goa, spanning domestic and international holdings.
Highlights
- •The ED attached 130 assets worth ₹1,023.85 crore in India and Singapore.
- •The case centers on alleged illegal iron ore mining in Goa by the AVS Group.
- •The investigation spans 2007-2012, involving undervalued exports through shell entities in the British Virgin Islands.
- •The total proceeds of crime are estimated at ₹5,237.84 crore by the investigative agency.
The Enforcement Directorate (ED) has taken decisive action in a major money laundering probe, attaching assets valued at ₹1,023.85 crore. This significant development involves an investigation into illegal iron ore mining activities in Goa linked to the AVS Group, which includes the Salgaocar Group and its associated entities.
The agency, acting through its Panaji Zonal Office under the Prevention of Money-Laundering Act (PMLA), issued an attachment order on June 19. The scope of this legal action spans both domestic and international jurisdictions, targeting properties and equity holdings associated with the group. The investigation scrutinizes financial irregularities dating back several years.
Breakdown of the Goa Mining Money Laundering Assets
According to the official findings, the attachment encompasses 130 distinct movable and immovable assets. This includes 99 properties situated within India with a valuation of ₹459.10 crore, alongside 31 immovable properties located in Singapore worth ₹471.32 crore. Additionally, equity shares in various Indian companies, valued at ₹93.42 crore, have been brought under the attachment order.
These assets are linked to the Estate of the late Anil Vassudeva Salgaocar, represented by administratrix Lakshmi Anil Salgaocar, and several corporate entities. These include Salgaocar Mining Industries Pvt Ltd, Shantilal Khushaldas and Brothers Pvt Ltd, S Kantilal and Co Pvt Ltd, Salitho Ores Pvt Ltd, Vertex Newton Projects Pvt Ltd, and Subarnarekha Port Pvt Ltd.
The Scope of the Investigation
The ED launched this probe based on an FIR registered by the Goa Crime Branch CID, citing various offenses under the Indian Penal Code, the Prevention of Corruption Act, and the Mines and Minerals (Development and Regulation) Act. The agency highlights that between 2007 and 2012, the AVS Group managed ten mining leases, allegedly generating proceeds of crime totaling ₹2,492.95 crore through unauthorized iron ore extraction and export.
Official records emphasize that the Supreme Court previously ruled that mining operations in Goa conducted after November 22, 2007, without valid lease renewals, were unlawful. The ED alleges that the AVS Group exported ore at undervalued prices to shell companies in the British Virgin Islands. These intermediaries then resold the materials to China at higher rates, creating an offshore profit scheme.
By layering these funds through special purpose vehicles in the British Virgin Islands and Singapore, the group reportedly acquired substantial assets abroad. Some of these proceeds were subsequently routed back into India, disguised as share capital. Including offshore trade profits, the agency estimates the total proceeds of crime connected to the case reach approximately ₹5,237.84 crore.
