After conducting search operations under Prevention of Money Laundering Act against persons and entities in a case of illegal mining of iron ore in Odisha, the Enforcement Directorate has frozen funds to the tune of Rs 8.52 crore of accused Seraj Yusha, Meraj Yusha and Yazdani International Pvt Ltd as ‘proceeds of crime’.
Seraj Yusha and Meraj Yusha are Joint Partners of Serajuddin & Co. They are also directors of Yazdani International Pvt. Ltd. and assets of both entities have also been frozen under PMLA.
Serajuddin & Company obtained the mining lease without satisfying the conditions as prescribed and has accordingly extracted manganese ore illegally from Guruda Manganese ore mines to the tune of 14,73,697.99 MT from the forest area without having approved the De-Reservation proposal. Further, the firm has also produced more iron ore during the different years in comparison to the approved quantity of iron ore by the Indian Bureau of Mines, the ED said in a statement.
The ED has already attached Proceeds of Crime held in the form of movable properties amounting to Rs 622 crore of Serajuddin & Company. under the provisions of PMLA which has already been confirmed by the Adjudicating Authority.
Subsequently, a Prosecution Complaint (charge sheet) has also been filed before the Special Court under PMLA, Khurda at Bhubaneswar praying for confiscation of the said properties. The cognizance of the offence of money laundering has been taken by the Court.