Bengaluru: In a major action under the Prevention of Money Laundering Act (PMLA), 2002, the Enforcement Directorate (ED) has provisionally attached properties worth ₹21 crore belonging to Karwar MLA Satish Krishna Sail in connection with an illegal iron ore export and money laundering case linked to Goa-based firm M/s Shree Mallikarjun Shipping Pvt Ltd (SMSPL).
The attached assets include residential, agricultural, and commercial properties located in Chicalim and Mormugao, Goa, allegedly acquired through proceeds of crime from unauthorized iron ore exports.
ED Tightens Grip in Belekeri Port Iron Ore Case
According to the ED’s Bengaluru Zonal Office, the attachment order was issued on November 6, 2025, following investigations that uncovered large-scale illegal mining and export operations.
As per case records, forest department officials had first uncovered the irregularities at Belekeri Port on March 15, 2010, when they found huge iron ore stockpiles without valid permits or passes issued by the Department of Mines and Geology and the Forest Department.
A Mahazar was drawn up on-site, seizing around 5 lakh metric tonnes of illegally stored iron ore fines.
ED Searches Across Four States
The ED had earlier conducted searches under Section 17 of the PMLA, 2002, across Karnataka, Goa, Delhi, and Mumbai, covering 15 locations linked to the accused.
During these coordinated raids, the agency arrested Satish Krishna Sail and seized cash and gold valued at ₹8 crore.
Sail, who was later granted interim medical bail, had his bail revoked by the Hon’ble Special Court on November 7, 2025.
Illegal Iron Ore Exports Routed to China
The probe revealed that Satish Krishna Sail, as Managing Director of M/s Shree Mallikarjun Shipping Pvt Ltd, had falsely claimed to have purchased iron ore fines from Belekeri Port stockyards, totalling approximately 1.54 lakh metric tonnes from various suppliers.
Further investigation found that Sail and his associates exported the seized ore illegally to China, using foreign vessels such as MV Columbian and MV Mandarin Harvest, by layering transactions through shell companies in Hong Kong.
The ED stated that Sail had acted “in collusion with port and forest officials” to facilitate these illegal shipments.
Properties Worth ₹21 Crore Attached
The attached properties include:
- 12,500 sq. mtrs of open land in Chicalim village,
- 16,850 sq. mtrs of agricultural land under the name Pedro Galle Cotta in Mormugao taluk, and
- Several commercial premises near Kadamba Bus Stand, Vasco da Gama, including units at the Our Lady of Merces Building, collectively valued at ₹21 crore.
The Enforcement Directorate stated that these immovable properties represent proceeds of crime generated through illegal iron ore exports.
Money Trail Points to Offshore Networks
Investigators believe the case is part of a larger illegal mining and money laundering nexus stretching beyond India’s shores.
Funds from iron ore exports were allegedly layered through Hong Kong-based accounts to conceal their source and reinvested in real estate assets in Goa.
“The layering of funds through foreign entities and use of benami companies indicate a deliberate effort to disguise the origin of illegal proceeds,” an ED official said.
“Further investigation into the money trail and additional beneficiaries is underway.”
ಇದನ್ನೂ ಓದಿ: ED takes major action against Karwar MLA Satish Krishna Sail: ಕಾರವಾರ ಶಾಸಕರಾದ ಸತೀಶ ಕೃಷ್ಣ ಸೈಲ್ ವಿರುದ್ಧ ಈಡಿ ಭಾರೀ ಕ್ರಮ — ಗೋವಾದ ಅಕ್ರಮ ಕಬ್ಬಿಣದ ಅಯಸ್ಕ ರಫ್ತು ಪ್ರಕರಣದಲ್ಲಿ ₹21 ಕೋಟಿ ಮೌಲ್ಯದ ಆಸ್ತಿ ಜಪ್ತಿ
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