The Enforcement Directorate on Friday provisionally attached the properties worth Rs. 44 crores of Aiswariya Rock Exports, Madurai and others, under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
Enforcement Directorate joint director K.S.V.V Prasad in a press release said, the Enforcement Directorate is conducting an investigation under the PMLA on various firms and companies which are alleged to be involved in the granite mining scam of Madurai and against whom Madurai Police has registered FIRs and filed chargesheets.
The investigation was also against a group of firms run by Sankaranarayanan and P.K.M Selvam to identify crime proceeds related to offences specified in three FIRs registered by the Tamil Nadu Police against the said two persons and the firms run by them.
Police alleged the offences of illegal quarrying of granites, causing huge damage to human life and Government properties and unauthorised usage of explosives punishable under Indian Penal Code (IPC), 1860, as well as the Explosive Substances Act, 1908, which are scheduled offences under PMLA.
During the investigation under Prevention of Money Laundering Act (PMLA), 2002, it was noticed that Sankaranarayanan and P.K.M. Selvam were running two firms viz., M.S.Granites and Aiswariya Rock Export and they have entered into a criminal conspiracy to illegally quarry multi-color granite stones from the non-lease hold lands.
Illegal quarrying from the Government Poramboke lands by removing the boundary stones erected by the Revenue Department was also resorted.
Use of various machinery and explosive materials, without adhering to statutory obligations and safety precautions causing harm to human lives. Forged and fabricated documents for transporting illegally acquired granite blocks so as to cheat the statutory authorities and to camouflage illegally earned income.
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Investigation conducted so far, revealed that the firms are selling illegally mined granite blocks in the international and domestic markets in excess of the declared quantity and realised the sale proceeds.
The same were re-invested in acquisition of the immovable properties, capital goods etc. and got further additional revenues. Thus, the proceeds of crime were integrated and projected as money acquired through legitimate business.
It was found during the investigation that Sankaranarayanan and P.K.M. Selvam utilising the said crime proceeds acquired immovable properties in their personal names, in the name of their spouses and in the name of their firms.
It was also noticed that the crime proceeds were also invested in certain Fixed Deposits. Investigations revealed that proceeds of crime were invested in 31 immovable properties having a market value of over Rs.43 Crores and in 37 Fixed Deposits to the tune of Rs.1.52 Crores and have been provisionally attached under the provisions of PMLA.
Further investigation is in progress.
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