Goa Iron Ore Case: ED Seizes 130 Properties, Shares Worth Over ₹1,023 Crore Linked to Salgaocar Group
Moneylife Digital Team 22 June 2026
The directorate of enforcement (ED) has provisionally attached movable and immovable assets worth ₹1,023.85 crore in connection with its money laundering investigation into alleged large-scale illegal iron ore mining in Goa involving the Salgaocar group and its associates.
 
The attachment, carried out by the ED's Panaji zonal office under the Prevention of Money Laundering Act (PMLA), 2002, covers properties and investments linked to what the agency described as the 'AVS group', named after late mining businessman Anil Vassudeva Salgaocar.
 
According to ED, the assets attached through a provisional attachment order issued on 19 June 2026 include 99 immovable properties in India valued at ₹459.10 crore, 31 immovable properties in Singapore worth ₹471.32 crore and equity shares in Indian companies valued at ₹93.42 crore.
 
The properties are held in the names of the estate of Late Anil Vassudeva Salgaocar through its administratrix Lakshmi Anil Salgaocar, as well as several group entities, including: Salgaocar Mining Industries Pvt Ltd, Shantilal Khushaldas & Brothers Pvt Ltd, S Kantilal & Co Pvt Ltd, Salitho Ores Pvt Ltd, Vertex Newton Projects Pvt Ltd and Subarnarekha Port Pvt Ltd.
 
ED said its investigation stems from a first information report (FIR) registered by the Goa crime branch CID for offences under the Indian Penal Code, the Prevention of Corruption Act and the Mines and Minerals (Development and Regulation) Act, 1957.
 
The agency also referred to judgments of the Supreme Court dated 21 April 2014, and 7 February 2018, which held that all mining activities carried out in Goa after 22 November 2007, until the grant of fresh mining leases, were illegal and lacked lawful authority.
 
According to ED, its investigation found that the AVS group operated ten mining leases between 2007 and 2012 and generated proceeds of crime amounting to ₹2,492.95 crore through the alleged illegal extraction, sale and export of iron ore.
 
The agency alleged that the illegally mined ore was exported at significantly undervalued prices to shell entities incorporated in the British Virgin Islands. These entities allegedly functioned as special purpose vehicles and acted as intermediary trading companies.
 
ED claimed that the shell companies subsequently resold the ore to buyers in China, generating additional offshore trade profits estimated at ₹2,744.89 crore.
 
"ED investigation revealed that the AVS group operated ten mining leases during 2007–12 and generated proceeds of crime of ₹2,492.95 crore from the illegal extraction, sale and export of iron ore," the agency said.
 
Based on its findings, ED has estimated the total proceeds of crime in the case at approximately ₹5,237.84 crore.
 
The agency alleged that the funds generated through the mining and export operations were layered through special purpose vehicles (SPVs) based in the British Virgin Islands and Singapore. These funds were allegedly used to acquire substantial movable and immovable assets overseas and were partly routed back into India in the form of share capital investments.
 
The latest attachment is among the largest actions taken by the agency in connection with the long-running Goa illegal mining investigations, which have been under scrutiny by multiple agencies and courts for more than a decade.
 
ED said further investigation into the money trail and related transactions is continuing.
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