Karwar MLA Satish Sail
DH photo
Bengaluru: The officials of Directorate of Enforcement (ED), Bengaluru Zonal Office, on Friday said that they had provisionally attached immovable properties worth Rs 21 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the illegal export of iron ore fines involving Satish K Sail, MLA from Karwar constituency, and others.
The press release read that he properties are held through M/s Shree Mallikarjun Shipping Pvt. Ltd (SMSPL), Goa and according to LEA chargesheet filed by the law enforcement agency, officials of the Forest Department had visited Belekeri Port on March 15, 2010, and discovered a large quantity of iron ore stored within the port area. Their inquiry revealed that a portion of the stock did not have valid permits or passes issued by the Department of Mines & Geology and the Forest Department. A mahazar was drawn up, and around five lakh metric tonnes of iron ore fines were seized.
Earlier, the ED had conducted search operations under Section 17 of the PMLA in Karnataka, Goa, Delhi, and Mumbai, covering 15 premises.
During the searches, the agency seized cash and gold worth about ₹8 crore and arrested the MLA. He was later granted interim medical bail, which was cancelled by the Special Court on November 7, 2025.
Investigations revealed that Sail, the Managing Director of SMSPL, had claimed to have purchased 1.54631 lakh metric tonnes of seized iron ore fines from various suppliers trading in the commodity. The ED alleged that Sail, in collusion with the port conservator, subsequently exported the illegally procured ore to China through vessels such as MV Columbia and MV Mandarin Harvest. The illegal proceeds were layered through a company incorporated in Hong Kong.