The Enforcement Directorate (ED) on Wednesday made a provisional attachment of 25 moveable and immoveable properties worth over Rs.40 crores (market value expected to be over Rs.200 crores) belonging to the son of expelled Dravida Munnetra Kazhagam (DMK) leader and former Union Fertilizers Minister M K Alagiri under the Prevention of Money Laundering Act (PMLA). The former Minister’s son Dayanidhi Alagiri is a film producer.
The ED in a statement said the agency has provisionally attached land, buildings in Madurai, Chennai and fixed deposits totaling to Rs.40.34 crores of Olympus Granites Pvt. Ltd. According to the ED, the company’s share holders S Nagarajan and Dayanidhi Alagiri (son of Alagiri) along with other accused, criminally conspired and indulged in illegal mining activities in the adjacent TAMIN (Tamil Nadu Minerals Limited, a Public Sector undertaking) leased land and thereby causing wrongful loss to the government and corresponding wrongful gain to themselves.
A new member of the DMK family is starting to face the music.
The ED initiated an investigation under PMLA against Olympus Granites, Madurai to identify the crime proceeds on the basis of a First Information Report (FIR) and charge sheet filed by Tamil Nadu Police against the company, its promoters and directors, and other individuals. The charge sheet discloses commission of various offences including offences under the Indian Penal Code, Explosive Substances Act, by the accused consequent to the illegal granite mining indulged by the company and other accused.
Investigation under PMLA revealed that the company and its promoters have committed a scheduled offence and derived proceeds of crime by indulging in the illegal quarrying and the trade proceeds of the company were further relentlessly incubated resulting in further accruals of proceeds of crime, all of which were camouflaged in the organizational system as business earnings, the ED said. Some fixed deposits were also attached. A new member of the DMK family is starting to face the music.
- Shocking revelation of Zimbabwe cricketer Brendan Taylor: “Indian businessman drugged me and blackmailed to engage in spot-fixing” - January 24, 2022
- Julian Assange wins right to appeal extradition in UK Supreme Court - January 24, 2022
- ED files charge sheet against IREO realty group promoter Lalit Goyal, others - January 21, 2022