ED attaches Rs 40 crore properties of Olympus Granites

The Enforcement Directorate (ED) on Wednesday said it has provisionally attached 25 movable and immovable properties worth Rs 40.34 crore of Olympus Granites Pvt Ltd and others in the illegal granite mining case.

In a statement issued here, the ED said that the attached properties consist of land, buildings in Madurai and Chennai and fixed deposits. The properties have been attached under the Prevention of Money Laundering Act, 2002.

According to the statement, the ED initiated investigation against Olympus Granites, Madurai, under the Prevention of Money Laundering Act (PMLA) to identify the crime proceeds on the basis of an FIR and chargesheet filed by the Tamil Nadu Police against the company, its promoters, directors and other individuals.

The ED said that Olympus Granites, its shareholders/promoters/directors -- S. Nagarajan and Alagiri Dhayanidhi -- along with other accused criminally conspired and indulged in illegal mining activities in the adjacent land leased by Tamil Nadu Minerals Ltd (TAMIN) to cause wrongful loss to the government and corresponding wrongful gain to themselves.IANS