In connection with a money laundering investigation related to illegal mining in Goa, the Directorate of Enforcement (ED) has provisionally attached immovable and movable properties worth Rs. 13.38 Crore belonging to M/s Magnum Minerals Pvt. Ltd. (MMPL), Kadnekar & family (lease owner of Title Concession (TC) No. 12/53 and 75/52).
The inquiry was launched on the basis of an FIR filed by the Crime Branch, North Goa, under different provisions of the Indian Penal Code, 1860, and section 13 of the Prevention of Corruption Act, 1988, concerning the illicit extraction of iron ore by some leaseholders/mine operators.
The ED investigation found that the mine owners of TC No. 12/53 got the delay condonation on April 25, 2006, illegally and in collusion with government authorities. Furthermore, under the guise of a power of attorney, they assigned mining activities to MMPL, a business controlled by MFC Group, Canada in relation to both TCs, namely TC Nos. 12/53 and 75/52. It was formed with Indians as owners but afterwards moved the full shareholding to its holding companies domiciled in Canada, therefore breaking Rule 37 r/w 52 of the Mineral Concession Rules, section 5 of the Mines and Minerals (Development and Regulation) Act of 1957, as amended.
As a result, the total revenues obtained by iron ore mining from TC 12/53 and 75/52, as well as extra proceeds generated by iron ore export, are proceeds of crime that resulted in natural resource theft, criminal breach of trust, and deceit.
In this regard, the ED has attached two immovable properties for Rs. 01.04 crore and two moveable properties totalling Rs. 12.34 crore. More research is being conducted.
