The Enforcement Directorate initiated investigation under PMLA against his company (Representational)
25 moveable and immovable properties worth more than Rs 40 crore belonging to the son of expelled DMK leader MK Alagiri have been provisionally attached by the Enforcement Directorate under the money laundering act.
Land, buildings in Madurai, Chennai and fixed deposits totaling Rs 40.34 crore of Olympus Granites Private Limited have been provisionally attached in the illegal granite mining case, an official statement said.
According to the Enforcement Directorate, the company's shareholders S Nagarajan and Alagiri Dhayanidhi along with other accused, criminally conspired and indulged in illegal mining activities in the adjacent TAMIN leased land and thereby causing wrongful loss to the government and corresponding wrongful gain to themselves.
The Enforcement Directorate initiated investigation under PMLA against Olympus Granites P Limited, Madurai to identify the crime proceeds on the basis of 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 organisational system as business earnings, the Enforcement Directorate said.
The statement claimed that these earning were gained out of the illegal activity. Accordingly, 25 movable and immovable properties were identified as part of crime proceeds and the properties worth of Rs 40.34 crore were provisionally attached under the provisions of PMLA.
These include land and buildings in and around Madurai and Chennai and a fixed deposit.