ED Attaches Rs 21 Crore Assets in Illegal Iron Ore Export Case

The Enforcement Directorate’s Bengaluru zonal office has provisionally attached immovable properties worth ₹21 crore belonging to Satish Krishna Sail and associates in a decade-old illegal iron ore export scandal centred at Goa’s Belekeri Port. The attachment, executed on November 6 under the Prevention of Money Laundering Act (PMLA), targets prime land and commercial floors in Mormugao and Vasco da Gama whose current market value exceeds ₹64 crore. The move follows Sail’s arrest and the earlier seizure of ₹8 crore in cash and gold during multi-city raids across Karnataka, Goa, Delhi, and Mumbai.

The case stems from a 2010 forest department raid that uncovered 5 lakh tonnes of iron ore stored without valid mining or transport permits. Investigators found that Sail, managing director of Shree Mallikarjun Shipping Pvt Ltd (SMSPL), purchased 1.54 lakh tonnes of this seized stock and, in collusion with the then port conservator, exported it to China aboard vessels MV Columbia and MV Mandarin Harvest. Proceeds were allegedly layered through a shell company in Hong Kong, generating criminal proceeds that were subsequently invested in luxury properties across Goa.

The attached assets include 12,500 sqm of open land in Chicalim village, 16,850 sqm of agricultural land known as ‘Pedro Galle Cotta’ in Mormugao taluk, and five commercial floors in Our Lady of Merces Building opposite Kadamba Bus Stand, Vasco da Gama. Sail, who had secured interim medical bail, saw it cancelled by the special PMLA court on November 7 after prosecutors argued he was misusing liberty. He remains in judicial custody as the ED prepares to file a supplementary chargesheet.

Also Read: 5.4 Magnitude Earthquake Hits Andaman Sea, No Reports Of Damage

The development marks another chapter in Karnataka’s long-running illegal mining saga, which has seen assets worth hundreds of crores frozen since the 2011 Lokayukta report exposed systematic plunder of Bellary’s iron ore belt. With the Belekeri port scam alone estimated to have caused ₹3,000 crore in revenue loss, the latest attachment signals sustained central agency pressure on beneficiaries who converted black money into real estate along Goa’s coastline.

Also Read: Panic in Villages as Missile Part From Army Drill Crashes Near Homes in Jaisalmer