New Delhi, Sept 10 (UNI) The Enforcement Directorate (ED) today arrested Karnataka Congress MLA Satish Krishna Sail alias Satish Sail in connection with a money laundering case related to illegal iron ore export case.
Confirming the arrest, ED officials said that Sail was taken into custody under provisions of the Prevention of Money Laundering Act (PMLA).
In August, the ED had conducted search operations at the premises linked to Sail on August 13 and 14, recovering cash and jewellery. The raids were conducted at multiple locations in Karwar (Uttara Kannada), Goa, Mumbai and New Delhi.
According to the ED, Sail and other entities Ashapura Minechem Ltd, Shree Lal Mahal Ltd, Swastik Steels (Hosepet) Pvt Ltd, ILC Industries Ltd, Sri Lakshmi Venkateshwara Minerals Ltd were on the radar.
The agency said these were convicted by the Special Court for MPs & MLAs Bangalore, for illegal export of iron ore fines carried out by Shree Mallikarjun Shipping Pvt. Ltd. in collusion of other persons and entities.
The ED launched its investigation on the basis of conviction order of the Hon’ble Special Court, for the offences under various sections of IPC and Prevention of Corruption Act.
Investigation revealed that Satish Sail, MLA Karwar Assembly constituency in collusion with other business entities and Belekeri Port officials had illegally exported iron ore fines weighing nearly 1.25 lakh metric ton, during the period April 19, 2010 to June 10, 2010, which were already under the orders of Seizure of the Forest Department, Ankola.
The total value of the illegal exports carried out by Satish Krishna Sail, through this company was Rs 86.78 crore.
The search operation led to the seizure of cash Rs 1.41 crore from the residence of Satish Krishna Sail and cash of Rs 27 Lakh from the office premises of Ms Sri Lal Mahal Ltd. Gold weighing 6.75 kg in the form of gold jewellery/bullion was also seized from the bank locker of the Sail family.
In addition, bank accounts of accused persons/entities i.e. Shree Mallikarjun Shipping Pvt Ltd, Satish Krishna Sail, M/s Ashapura Minechem Ltd etc, containing Rs 14.13 crore balance have been frozen during the search operations. Incriminating evidence in the form of documents, e-mails, records etc. were also seized.
Further investigation into the matter is underway.
