The Directorate of Enforcement (ED), Bengaluru Zonal Office, has provisionally attached immovable assets worth ₹21 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a case involving illegal export of iron ore fines by Goa MLA Satish Krishna Sail and others through M/s Shree Mallikarjun Shipping Pvt. Ltd. (SMSPL).
According to the chargesheet filed by the law enforcement agency, officials from the Forest Department had visited Belekeri Port on March 15, 2010, where they discovered a large stockpile of iron ore that lacked valid mining and transportation permits issued by the Department of Mines & Geology and the Forest Department. A seizure (mahazar) was subsequently issued, covering around 5 lakh metric tonnes of iron ore fines.
The ED earlier conducted search operations under Section 17 of the PMLA across Karnataka, Goa, Delhi, and Mumbai, covering 15 premises. During the operation, cash and gold worth around ₹8 crore were seized, and Satish Krishna Sail was arrested. He was later granted interim medical bail, which was cancelled by the Special PMLA Court on November 7, 2025.
Investigations revealed that Sail, Managing Director of SMSPL, claimed to have purchased approximately 1.54 lakh metric tonnes of seized iron ore from various traders. In alleged collusion with the port conservator, Sail subsequently exported the illegally obtained iron ore to China using vessels such as MV Columbia and MV Mandarin Harvest, by layering the transactions through a shell company based in Hong Kong.
The attached properties include:
- 12,500 sq. meters of open land at Chicalim Village, Mormugao, Goa.
- 16,850 sq. meters of agricultural land known as “Pedro Galle Cotta” in Mormugao Taluk, South Goa.
- Commercial premises spread across the 1st to 5th floors of Our Lady of Merces Building, opposite Kadamba Bus Stand, Vasco da Gama, Goa.
These properties have a combined market value of approximately ₹64 crore.
The ED stated that further investigation is ongoing to trace the full extent of the money trail and identify other individuals involved in the laundering network.
