Granite mining scam: ED attaches Rs 40cr-worth properties of Alagiri's son

The Enforcement Directorate (ED) on Wednesday provisionally attached properties worth Rs 40.34 crores of M/S Olympus Granite Private Limited and its stakeholder Alagiri Dayanidhi, son of former Chemicals and Fertilizer Minister MK Alagiri in the illegal granite mining case.

Both movable and immovable properties consisting of lands, building in Madurai, Chennai and fixed deposits totalling to over Rs 40 crore was attached by the ED.

ED attached the properties under the Prevention of Money Laundering Act 2002 (PMLA) after conducting investigations on the basis of an FIR and charge sheet filed by Tamil Nadu Police against the said company for "criminally conspiring and indulging in illegal granite mining activities leading to losses to the government and wrongful gain to themselves," a statement from the ED said.

The charge sheet mentioned various offences under the Indian Penal Code, 1860, Explosive Substances Act, 1908 amongst others committed by the accused in the illegal granite mining and trade carried out by the Company which made the act a Scheduled offence.

The trade proceeds derived from the aforementioned trade were incubated and resulted in further accruals of proceeds of crime, all of which were camouflaged in the organization as business income, resulting in 25 movable and immovable properties being attached after being identified as part of crime proceeds and of being involved in money laundering.

Further investigation is underway in the matter.