ED attaches Rs 884 crore of shares, assets in Reddy`s OMC
Bangalore: Shares and assets worth Rs 884 crore have been attached under Prevention of Money Laundering Act in Obulapuram Mining Company case involving former Karnataka Minister G Janardhana Reddy, the Enforcement Directorate on Wednesday said.
"Investigations revealed that OMC has illegally mined iron ore valued at Rs 884.13 crore during 2007-08, 2008-09, 2009-10," an ED statement said here on Wednesday.
The amount constitutes proceeds of crime for purposes of the PMLA and it is seen that the investments in Brahmani Industries Limited by OMC includes the amount identified as proceeds of this crime, the ED said.
As a result of investigations, the proceeds of crime amounting to Rs 884.13 crore in the form of 88,41,30,000 shares of BIL, having face value of Rs 10 each, held by OMC, have been provisionally attached under provisions of PMLA, it said.
BIL and its Directors have been directed not to dispose of, transfer, sell, move, lease out or deal with in any similar manner of the plant, machinery, land, equipment, appliances of BIL and not to alter its equity structure.
ED`s Bangalore Zonal Unit is investigating the case under the 2002 Act against OMC, Bellary, Reddy and others.
The proceedings under PMLA were initiated by ED pursuant to an FIR registered by CBI, Anti-Corruption Branch, Hyderabad for offences alleged to have been committed under certain sections of the IPC, Indian Forest Act, 1927, Minerals (Development and Regulation) Act, 1957 and Prevention of Corruption Act, 1988.
Subsequently, CBI filed a charge-sheet in December 2011 before the Special Judge for CBI cases, Hyderabad, in which the accused including OMC were charged for offences under various sections of the IPC and Prevention of Corruption Act.
"Further investigations are under progress," the ED added.
More from India
More from World
More from Sports
More from Entertaiment
- Watch - Huge fire breaks out at petrol pump in Kota, Rajasthan
- NSG now 'nine times' stronger; receives technological strength from 12 countries!
- Bihar: Congress leader Brajesh Pandey accused of running sex racket
- BJP MP Yogi Adityanath compares Akhilesh Yadav with 'Aurangzeb' and 'Kans'
- Acrimonious remarks of political leaders during UP elections
- Reliance Jio's tariff plan from April 1; voice calls, roaming to be free: Mukesh Ambani
- 7th Pay Commission: Allowances committee raises HRA to 30%?
- Virat Kohli thanks sprint legend Usain Bolt for congratulating him on 'record' Puma deal
- BMC exit poll: BJP predicted to score big in neck-and-neck battle with Shiv Sena
- IPL 2017 Auction: Reaction-filled Twitter erupts with emotions!