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The Enforcement Directorate connected Sunday (June 21, 2026) said it has attached assets worthy much than ₹1,023 crore, including properties located successful Singapore, successful an alleged amerciable robust ore mining lawsuit successful Goa.
A provisional bid has been issued connected June 19 nether the Prevention of Money Laundering Act (PMLA) successful the substance pertaining to large-scale amerciable robust ore mining by the Salgaocar Groups and associates (AVS Group), the cardinal bureau said successful a statement.
The attached assets see 99 immovable properties located successful India (₹459.10 crore), 31 immovable properties successful Singapore (₹471.32 crore) and equity shares successful Indian companies (₹93.42 crore) held successful the names the Estate of Late Anil Salgaocar (through its head Lakshmi Anil Salgaocar), Salgaocar Mining Industries, Shantilal Khushaldas & Brothers, S Kantilal & Co., Salitho Ores, Vertex Newton Projects. and Subarnarekha Port, according to the ED.
The full worth of the assets is ₹1,023.85 crore.
The wealth laundering probe stems from a FIR of the Goa Police CID. The ED said the Supreme Court, done its judgements successful 2014 and 2018, has held that each mining undertaken successful Goa aft 22.11.2007 (till contented of caller mining leases) was illegal.
The bureau alleged that its probe recovered AVS Group operated 10 mining leases during 2007-12 and generated proceeds of transgression of ₹2,492.95 crore from the amerciable extraction, merchantability and export of robust ore.
The "illegally" mined ore was exported astatine "grossly undervalued" prices to ammunition entities (special intent vehicles) incorporated successful the British Virgin Islands, which acted arsenic specified insubstantial intermediaries and resold the ore to China, generating further offshore commercialized profits of ₹2,744.89 crore.
The full proceeds of transgression are calculated astatine ₹5,237.84 crore, arsenic per the agency.
"These funds were layered done BVI and Singapore-based SPVs, utilised to get important movable and immovable assets abroad, and partially routed backmost into India successful the guise of stock capital," the ED alleged.
