Chennai sources stated that the Enforcement Directorate (ED) on Wednesday attached 25 movable and immovable properties worth over Rs 40 crore allegedly belonging to Durai Dayanidhi, son of expelled DMK member and former Union Minister M.K. Alagiri under the Prevention of Money Laundering Act (PMLA). The agency said in a statement "The action followed probe into the granite scam allegedly involving Olympus Granites Pvt Limited, in which Dayanidhi Alagiri is a director and the ED's seizure included land and buildings in and around Madurai and Chennai, besides a fixed deposit".
Furthermore the ED statement said investigation under PMLA revealed that Olympus Granites Private Limited and its promoters/shareholders/directors had committed a Scheduled Offence and “derived proceeds of crime by indulging in the illegal quarrying and the trade proceeds of the Company derived from there were relentlessly incubated and thereby resulting in further accruals of proceeds of crime, all of which were camouflaged in the organisational system as business income/earnings, although gained out of the said illegal activity”.
Moreover the ED statement said PMLA probe showed that the company and its promoters had committed a scheduled offense and derived proceeds of crime by indulging in the illegal quarrying and the trade proceeds of the company were further relentlessly incubated resulting in further accruals of proceeds of crime, all of which were camouflaged in the organizational system as business earnings. Apparently, since all the earnings were made out of the illegal activity, the properties were identified as being part of crime proceeds and so they were "provisionally attached" under the PMLA.
