ED attaches assets worth over ₹1,000 crore in Goa ‘illegal’ iron ore mining case

Image used for representational purposes only. | Photo credit: Atish Pomburfekar

The Enforcement Directorate on Sunday (Jun 21, 2026) said it has attached assets worth over ₹1,023 crore, including properties located in Singapore, in a case of alleged illegal iron ore mining in Goa.

On June 19, an interim order was issued under the Prevention of Money Laundering Act (PMLA) in a case related to large-scale illegal mining of iron ore by Salgaocar Groups and associated companies (AVS Group), the central agency said in a statement.

Attached assets include 99 properties in India (₹459.10 crore), 31 properties in Singapore (₹471.32 crore) and equity interests in Indian companies (₹93.42 crore) held in the names of The Estate of Late Anil Salgaocar (through its trustee Lakštarescaro Salgaocar, Saltilgao Miningal) Khushaldas & Brothers, S Kantilal & Co., Salitho Ores, Vertex Newton Projects. and Subarnarekha port, according to the ED.

The total asset value is ₹1,023.85 crore.

The money laundering investigation stems from the Goa CID police FIR. The ED said that the Supreme Court, through its judgments in 2014 and 2018, ruled that all mining carried out in Goa after 22-11-2007 (until new mining leases were issued) was illegal.

The agency claimed that its investigation found that AVS Group operated ten mining leases between 2007-12 and generated criminal proceeds of ₹2,492.95 crore from illegal mining, sale and export of iron ore.

The “illegally” mined ore was exported at “grossly understated” prices to shell entities (special vehicles) registered in the British Virgin Islands, which acted as mere paper brokers and resold the ore to China, generating additional offshore trade profits of ₹2,744.89 million.

The total proceeds of crime are put at ₹5,237.84 crore, according to the agency.

“These funds were layered through BVI and Singapore-based SPVs, used to acquire substantial movable and immovable assets abroad and partly routed back to India under the guise of equity capital,” the ED said.

Published – 21 Jun 2026 13:05 IST