ED Charges Karnataka MLA in Massive Iron Ore Export Money Laundering Case

The Enforcement Directorate has filed a chargesheet against Karnataka MLA Satish Krishna Sail, alleging his involvement in a money laundering case related to the illegal export of iron ore, resulting in a Rs 44.09 crore loss to the exchequer. Shree Mallikarjun Shipping and various other entities are implicated.

The Enforcement Directorate (ED) has taken decisive legal action, filing a detailed chargesheet against Karnataka's Karwar MLA Satish Krishna Sail for his alleged role in a significant money laundering operation linked to the illegal export of seized iron ore. This operation reportedly caused a Rs 44.09 crore deficit to the government's coffers.

According to the chargesheet, presented before Bengaluru's special Prevention of Money Laundering Act (PMLA) court, Sail, along with the managing director of Shree Mallikarjun Shipping Pvt Ltd, is accused of orchestrating a criminal conspiracy. They allegedly flouted Karnataka High Court orders and purchased seized iron ore from Belekeri port, exporting it to China through illegal means.

ED's investigation unveiled that the illegal ore exports were facilitated through Sail's undisclosed Hong Kong-based JI (HEBEI) Iron and Steel Investment Company, concealing profits and laundering proceeds. The accused utilized foreign bank accounts and derived significant financial gains. Despite being arrested earlier, Sail secured interim medical bail, which was later revoked by the court.

(With inputs from agencies.)