ED raids Congress MLA's premises from Delhi to Karnataka, gold and cash worth crores seized

News Topical, Digital Desk : On August 13-14, the ED raided the premises of Karnataka MLA Satish Krishna Sail and his close associates on charges of money laundering in the iron ore export scam.

During this, cash worth Rs 1.68 crore and 6.75 kg of gold jewellery and bullion were seized. These raids were conducted in Karwar (Uttara Kannada) of Karnataka, Goa, Mumbai and New Delhi.

Cash worth Rs 1.68 crore recovered during the raid

Sail is an MLA from Karwar assembly seat in Uttara Kannada district. During the raids, cash worth Rs 1.41 crore was recovered from Sail's residence and Rs 27 lakh from the premises of M/s Shri Lal Mahal Ltd. The gold was found in a bank locker of the Sail family.

The authorities also froze bank accounts linked to SAIL and related companies containing about Rs 14.13 crore.

MP-MLA court held him guilty

The action was taken as part of the ongoing investigation against SAIL, M/s Ashapura Minechem Ltd., M/s Shri Lal Mahal Ltd., M/s Swastik Steels (Hospet) Pvt. Ltd., M/s ILC Industries Ltd., M/s Sri Lakshmi Venkateshwar Minerals Ltd. and others.

They have been convicted by the MP-MLA Special Court of Bengaluru for illegal export of iron ore. This illegal export was done through M/s Shri Mallikarjuna Private Limited.

Illegal export of 1.25 lakh metric tonnes of iron ore powder

The investigation findings alleged that SAIL in connivance with business entities and Belekeri port officials illegally exported about 1.25 lakh metric tonnes of iron ore powder between April 19 and June 10, 2010. The ore was worth Rs 86.78 crore. This ore has been seized by the Ankola forest department.

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