Gali Janardhan Reddy case: ED seizes Rs 884 cr-worth shares in illegal mining case
Express news service :New Delhi, Dec 07 2012, 00:03 IST
In what is considered the biggest attachment order under the Prevention of Money Laundering Act, the Bangalore unit of Enforcement Directorate has claimed that it has seized shares worth Rs 884.13 crore in connection with their probe into illegal iron ore mining by Obulapuram Mining Company Pvt Ltd (OMC) in Bellary, Karnataka. Former state minister Gali Janardhan Reddy is the main accused in the case.
The probe reveals the company had illegally mined iron ore valued at Rs 884.13 crore between 2007 and 2010. The amount constitutes “proceeds of crime” and was found to be invested in Brahmani Industries Limited. The ED attached 88.41 crore shares of BIL, with a face value of Rs 10 each, held by OMC. It also directed BIL not to dispose off, transfer, sell, move, lease out or deal in any similar manner with its plant, machinery, land, equipment and appliances.
The CBI had filed a chargesheet in 2011 against OMC and its directors.
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