ED Seizes Gold, Cash Worth Crores in Nationwide Independence Day Raid

The Enforcement Directorate (ED) has seized ₹1.68 crore in cash, 6.75 kg of gold, and frozen bank accounts worth ₹14.13 crore in a major crackdown across Goa, Mumbai, and Delhi.

The Enforcement Directorate (ED) has conducted major raids in Goa, Mumbai, Karwar, and Delhi in a money laundering case linked to illegal iron ore exports. During search operations conducted on 13 and 14 August under the Prevention of Money Laundering Act (PMLA), 2002, the ED seized ₹1.68 crore in cash, 6.75 kg of gold, and froze bank accounts containing ₹14.13 crore.

The Bengaluru Zonal Office team conducted these actions as part of an investigation against Karwar MLA Satish Krishna Sail and other suspected individuals and entities. Satish Sail has already been convicted by a special court in Bengaluru (MP/MLA Court) in a case related to the illegal export of iron ore. The ED's investigation is based on offences registered under the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.

₹86.78 Crore in Illegal Exports

The ED investigation revealed that Satish Sail, in 2010, colluded with Belekeri port officials and some commercial entities to illegally export 1.25 lakh metric tonnes of iron ore. This ore was subject to seizure orders from the Akola Forest Department. The total value of this illegal export is estimated at ₹86.78 crore.

Seizures During the Raids

• ₹1.41 crore in cash from Satish Sail's residence.
• ₹27 lakh in cash from the office of Lal Mahal Limited.
• 6.75 kg of gold jewellery and coins from Sail family bank lockers.
• ₹14.13 crore frozen in bank accounts of Mallikarjun Shipping Private Limited, Satish Sail, and Ashapura Minekem Limited.

Important Documents Seized

During the searches, the ED also seized crucial documents, emails, and other records that will further strengthen the investigation. The ED stated that this action is a significant step towards exposing the network of illegal exports and money laundering.

Further Investigation Ongoing

The ED clarified that the investigation against Satish Sail and other involved individuals and entities will continue. This case is believed to be part of a large racket of illegal mining and export, with connections to several cities.