6 months ago
2
The Directorate of Enforcement (ED), Bengaluru Zonal Office, connected Saturday filed a prosecution ailment earlier the Special Court for Prevention of Money Laundering Act cases against Mallikarjun Shipping Pvt. Ltd. and its managing manager Satish Krishna Sail, who is besides Karwar MLA, successful transportation with the amerciable export of seized robust ore, causing a nonaccomplishment of ₹44.09 crore to the State exchequer.
According to ED officials, Mr. Sail entered into a transgression conspiracy with respective accused persons to illegally acquisition robust ore that had been seized and stockpiled astatine Belekeri port, successful usurpation of the High Court of Karnataka orders and the Forest Department seizure directives.
The ore, primitively belonging to aggregate mining and trading companies, was exported to buyers successful China with the alleged connivance of Mahesh J. Biliye, Port Conservator astatine Belekeri.
How exports were made
Investigators recovered that Mr. Sail made payments amounting to ₹46.18 crore to the different accused towards these amerciable purchases. The seized ore was exported done an undisclosed overseas entity identified arsenic JI (Hebei) Iron and Steel Investment Co. Ltd., Hong Kong (formerly Mallikarjun Shipping HK Ltd.), alternatively of being shipped straight to Chinese buyers, a determination ED claims was intended to conceal and launder the proceeds of crime.
The ED claimed that the institution generated ₹27.07 crore successful proceeds of crime, portion Mr. Sail personally derived ₹2.09 crore done the Hong Kong-based entity. He besides allegedly maintained respective overseas slope accounts successful Standard Chartered Bank (Hong Kong) and the Industrial and Commercial Bank of China (ICBC), Hong Kong.
Earlier seizures
Earlier searches by ED led to the seizure of ₹1.68 crore successful cash, 6.75 kg of golden and bullion worthy astir ₹6.58 crore, and the freezing of slope accounts collectively holding ₹14.13 crore. Three immovable properties worthy ₹21 crore were besides provisionally attached.
Mr. Sail, who was arrested during the probe, was granted interim aesculapian bail, which the Special Court cancelled connected November 7, 2025.
