ED attaches properties worth Rs 528 cr of PRP Granites and Exports

The Enforcement Directorate attached properties, both immovable and movable, worth Rs 528 crore of PRP Granites and PRP Exports under Prevention of Money Laundering Act (PMLA).

Earlier, the Directorate of Enforcement had conducted investigation under PMLA to identify the crime proceeds involved in 48 FIRs registered by the Tamil Nadu Police against PRP Exports, PRP Granites and their partners,  for alleged offences of illegal quarrying of granites, causing huge damage to human life /Government properties and unauthorised usage of explosives punishable under Indian Penal Code, 1860 as well as the Explosive Substances Act, 1908 and Tamil Nadu Public Property (Prevention of Damage and Loss) Act, 1992. 

During the investigation under PMLA, 2002, it was noticed that PRP Exports, PRP Granites and their partners have entered into a criminal conspiracy to illegally quarry multi-color granite stones from the non-leased lands. In this process they submitted forged and fabricated documents/lease agreements relating to adjoining lease hold lands so as to obtain mining permissions, according to ED in Chennai.

They used various machinery and explosive materials, without adhering to statutory obligations and safety precautions causing harm to human lives. They forged and fabricated documents for transporting illegally acquired granite blocks so as to cheat the statutory authorities and to camouflage illegally earned income, ED said. 

Investigation conducted by the Directorate of Enforcement so far revealed that PRP Exports,  PRP Granites, are selling the illegally mined granite blocks in the international/domestic market in excess of the declared quantity and realised the sale proceeds. 

The same were re-invested in acquisition of the immovable properties and mining lease licence and got further additional revenues. Thus the proceeds of crime were integrated and projected as money acquired through legitimate business.

During investigations, it was observed that during the period from 2006 to 2013, they acquired about 1.625 immovable properties of registered value of about Rs 103 crores from the said proceeds of crime. It was also noticed that over Rs 32 lakhs was in fixed deposits.  As these properties are involved in money laundering, the said Rs 32,57,275  in the form of fixed deposits and 1,625 immovable properties of present market value of Rs 528 crore in the name of PRP Exports and PRP Granites and have been provisionally attached by Directorate of Enforcement, Chennai  under the provisions of PMLA.

Further investigation is in progress.