ED attaches Rs 8.52 cr from Serajuddin & Co of Odisha in money laundering case

Bhubaneswar: The Enforcement Directorate said on Saturday that it has attached Rs. 8.52 crores kept in the bank account of the directors of Serajuddin & co., under the provisions of the Prevention of Money Laundering Act ( PMLA) on charges of illegal mining of iron and manganese ores.

In a press note, the ED said the money in the bank accounts of Seraj Yusha, Meraj Yusha and Yazdani International Pvt. Ltd (part of Serajuddin & Co) have been frozen under the provisions of the PMLA in connection with an investigation under the provisions of the PMLA relating to the generation of “proceeds of crime” by M/s Serajuddin & Co. of illegal manganese and iron ore mining in the state of Odisha.

The ED said that the company obtained the mining lease without meeting the prescribed conditions and consequently illegally extracted manganese ore from the Guruda Manganese ore mines to the tune of 14,73,697.99 MT from the DLC and the area. forestry without having approved the de-reservation proposal.

Furthermore, M/s Serajuddin & Co. has also produced more iron ore in different years as compared to the amount of iron ore approved by Indian Bureau of Mines.

ED has already seized proceeds of crime held in the form of movable property amounting to Rs. 622 Crore from M/s Serajuddin & Co. under the provisions of the PMLA which has already been confirmed by the authority adjudicator.

Subsequently, a prosecution complaint was also filed with the Ld. Special Court under PMLA, Khurda in Bhubaneswar praying for the confiscation of the said properties. Knowledge of the money laundering offense was taken by the Ld. Special court. Further investigation into this is ongoing.

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