ED attaches over Rs 40 crore properties of MK Alagiri's son

New Delhi: The Enforcement Directorate (ED) on Wednesday made a provisional attachment of 25 moveable and immovable properties, worth over Rs 40 crore, belonging to the son of expelled DMK leader M.K. Alagiri under the provisions of the money laundering act.

In a statement issue here on Wednesday, the Central probe agency said, “The ED has provisionally attached land, buildings in Madurai, Chennai and fixed deposits totalling to Rs 40.34 crore of Olympus Granites Pvt. Ltd. under Prevention of Money Laundering Act, 2002, (PMLA) in the illegal granite mining case”. The ED initiated the investigation under PMLA against M/s Olympus Granites P Ltd., Madurai, to identify the crime proceeds on the basis of FIR and chargesheet filed by the Tamil Nadu police against the firm, its promoters and directors and other individuals, said the agency.

“The chargesheet discloses commission of various offences, including offences under the Indian Penal Code, 1860, and Explosive Substances Act, 1908, by the accused consequent to the illegal granite mining indulged by the company and other accused. That the company, its share holders/promoters/directors — S. Nagarajan and Alagiri Dhayanidhi along with other accused — criminally conspired and indulged in illegal mining activities and thereby causing wrongful loss to the government and corresponding wrongful gain to themselves,” the agency said.

Probe revealed that the firm and its promoters have committed an offence and derived proceeds of crime by indulging in the illegal quarrying and the trade proceeds of the firm were further relentlessly incubated resulting in further accruals of proceeds of crime, all of which were camouflaged in the organisational system as business earnings, the ED said.

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