On June 24, 2022, the Directorate of Enforcement (ED) conducted a search operation about the bank accounts of Seraj Yusha and Meraj Yusha, who are both Joint Partners of M/s Serajuddin & Co., as well as the bank account maintained with Axis Bank Ltd. regarding M/s Yazdani International Pvt. Ltd., where Seraj Yusha and Meraj Yusha are both now serving as directors and promoters following the PMLA’s (Prevention of Money Laundering Act) 2002 regulations.
As a result of the aforementioned search operations, movable properties worth Rs. 8.52 crore that belonged to Seraj Yusha, Meraj Yusha, and M/s Yazdani International Pvt. Ltd. were frozen following the PMLA’s provisions in connection with an investigation being carried out following the PMLA’s provisions related to the generation of the “Proceeds of Crime” by M/s Serajuddin & Co. from the illegal mining
M/s Serajuddin & Co. obtained the mining lease without fulfilling the requirements as set forth, and as a result, they illegally removed 14,73,697.99 MT of manganese ore from the DLC and forest area from the Garuda Manganese Ore Mines. Additionally, M/s Serajuddin & Co. has produced more iron ore over the various years compared to the amount of iron ore that the Indian Bureau of Mines has approved.
Under the terms of the PMLA, the Adjudicating Authority has already approved the attachment by the ED of proceeds of crime held by M/s Serajuddin & Co. in the form of movable property totalling Rs. 622 Crore. After that, a Prosecution Complaint was also submitted to the Ld. Special Court under PMLA, Khurda in Bhubaneswar, requesting the seizure of the aforementioned properties. The Ld. Special Court has officially recognised money laundering as a crime. Additional investigation into the situation is ongoing.
