The Bangalore zonal unit of the Directorate of Enforcement has attached properties worth Rs. 884 crore belonging to the Obulapuram Mining Company (OMC) owned by jailed mining baron G. Janardhan Reddy.
In a press release issued through the Press Information Bureau on Wednesday, Subhash Agarwal, Joint Director of the Enforcement Directorate, said the OMC had illegally extracted iron ore valued at Rs. 884.13 crore.
This illegal operation, said Mr. Agarwal, was carried out between 2007 and 2010.
According to the directorate, Mr. Reddy’s company invested this ill-gotten money by purchasing 88,41,30,000 shares in Brahmani Industries Ltd. having a face value of Rs. 10 each. The directors of Brahmani Industries Ltd. have been instructed “not to dispose of, transfer, sell, move, lease or deal, in any manner, with the plant machinery, land, equipment, appliances.”