ED, Panaji Zonal Office has provisionally attached three immovable properties worth ₹2.29 crore under the Prevention of Money Laundering Act (PMLA), 2002 in the Jiwa Mines & Minerals Ltd. case.
Attached Properties Under PMLA
The attached assets include:
- Two land parcels at Galel, Sawantwadi, District Sindhudurg, Maharashtra
- One residential flat at Andheri (West), Mumbai
- Total value: ₹2.29 crore
These properties represent Proceeds of Crime and were acquired in the names of the accused using funds allegedly obtained through cheating.
Predicate Offence and FIR Details
ED initiated the investigation based on an FIR registered by the Economic Offences Cell, Goa Police, for offences including:
- Cheating
- Criminal breach of trust
Goa Police has already filed a chargesheet in the scheduled offence.
Alleged Fraud Amount
The investigation revealed that the accused cheated M/s Lao Ting Dadi Mobile Components Co. Ltd. of approximately:
- ₹13.42 crore
- USD 2.95 million
- Year of transaction: 2010
Modus Operandi
- The accused induced the foreign company to enter into a joint venture for iron ore mining and export through Jiwa Mines & Minerals Ltd.
- False assurances and misrepresentation were made regarding ownership and mining rights.
- Despite receiving substantial funds, no excavation or export activity was undertaken.
- Funds were diverted for personal enrichment, including the purchase of immovable properties.
- Bank trail analysis confirmed systematic diversion, layering, and utilisation of the cheated funds.
Investigation Status
Further investigation is ongoing, as per the official press release dated 14.02.2026.
Source: ED Press Release dated 14/02/2026 on Jiwa Mines & Minerals PMLA case